Eurozone Industry February 2016


Eurozone: Industrial production contracts in February

April 13, 2016

The industrial sector in the common-currency bloc swung to contraction in February, falling a seasonally-adjusted 0.8% over the previous month. The reading contrasted the 1.9% increase observed in January and slightly undershot the 0.7% decrease that market analysts had expected. January’s result had marked the fastest expansion since September 2009.

February’s deterioration stemmed mainly from a fall in the production of consumer goods and energy. In addition, production of capital goods contracted in February. Over the same month last year, industrial production grew 0.8% in February (January: +2.9% year-on-year).

Among the Euro area economies, for which data are available, the monthly contraction was driven by deteriorations in France (-1.0% month-on-month), Greece (-4.4% mom) and Ireland (-10.5% mom). In addition, output in Germany (-0.7% mom) and Italy contracted (-0.6% mom). In Spain, industrial production stabilized at January’s 0.2% fall.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.8% in 2016, which is up 0.2 percentage points from last month’s forecast. For 2017, panelists see industrial production growing 1.9%.

Author: Angela Bouzanis, Senior Economist

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Eurozone Industry Chart

Euro Industry by country February 2016

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

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