Eurozone Industry March 2017


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).

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.8% in 2017, which is unchanged from last month’s forecast. For 2018, panelists see industrial production growth at 1.9%.

Author: Angela Bouzanis, Senior Economist

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Eurozone Industry Chart

Euro Industry by country March 2017

Note: Month-on-month var. of seasonally-adjusted industrial production and annual average growth rate in %. Data for Austria, Belgium, Cyprus and Luxembourg refer to February.
Source: Eurostat

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