Eurozone: Industrial output rebounds in May
July 12, 2018
Industrial output returned to growth in May, rising a seasonally-adjusted 1.3% over the previous month. The result contrasted April’s revised 0.8% fall (previously reported: -0.9% month-on-month). May’s rebound was sharper than the 1.2% increase expected by market analysts and a positive result for the Eurozone, which has seen a series of weak economic data emerge in recent months. The upturn came on the back of turnarounds in the production of intermediate, energy and consumer goods.
On an annual basis, industrial production expanded 2.4% in May, improving from April’s 1.7% increase. Meanwhile, annual average industrial production growth inched down from 3.5% in April to 3.4% in May.
Among the Euro area economies for which data is available, Lithuania saw the quickest growth in May, expanding a notable 11.6% over the previous month. Ireland and Malta also saw solid output, growing at 3.0% or above. Meanwhile, Estonia, France, Luxembourg, Latvia and Portugal were the region’s laggards, all seeing industrial production contract in May.