Eurozone Industry May 2016


Eurozone: Industrial production contracts in May

July 13, 2016

The industrial sector in the common-currency bloc swung to contraction in May, falling a seasonally-adjusted 1.2% over the previous month. The reading notably contrasted the 1.4% increase observed in April and was a more pronounced fall than market analysts’ expectations of a 0.8% drop.

May’s reading reflected contractions in all the main industrial groupings. Energy production recorded the largest decline. Industrial production grew 0.5% in May over the same month last year (April: +2.2% year-on-year).

Among the Euro area economies for which data are available, the largest gains in production were recorded in Lithuania (+3.9% month-on-month), Latvia (+2.4% mom) and Slovenia (+0.6% mom). On the flipside, the largest drops were recorded in the Netherlands (-7.8% mom), Portugal (-4.4% mom) and Greece (-4.3% mom). Regarding the region’s largest economies, output dropped across the board, falling in France (-0.5% mom), Germany (-1.3% mom), Italy (-0.6% mom) and Spain (-0.6% mom).

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.8% in 2016, which is down 0.1 percentage points from last month’s forecast. For 2017, panelists see industrial production growing 1.9%.

Author: Angela Bouzanis, Lead Economist

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Eurozone Industry Chart

Euro Industry by country May 2016 0

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

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