Eurozone: Industrial production contracts again in March
May 12, 2017
The industrial sector in the common-currency bloc contracted in March, performing worse than expected. Industrial production decreased a seasonally-adjusted 0.1% from the previous month, matching February’s revised fall (previously reported: -0.3% month-on-month). The reading undershot market analysts’ expectations of a slim 0.3% expansion.
March’s fall reflected a sharp fall in energy production. In contrast, output of capital and consumer goods rose. On an annual basis, industrial production expanded 1.9% in March (February: +1.4% year-on-year).
Among the Euro area economies for which data are available, the largest drop was recorded in Lithuania, where industrial output plummeted 3.1% over the previous month. Industrial production also contracted significantly in Greece (-2.0% mom) and the Netherlands (-1.7% mom). On the flipside, the largest expansions were recorded in Slovakia (+3.9% mom), Estonia (+2.4% mom) and France (+2.0% mom). Regarding the remaining largest economies, output rose in Italy (0.4% mom) but fell in Germany (-0.7%) and Spain (-0.4% mom).