Eurozone Industry February 2017


Eurozone: Industrial production contracts unexpectedly in February

April 11, 2017

The industrial sector in the common-currency bloc deteriorated in February, performing worse than expected. Industrial production decreased a seasonally-adjusted 0.3% from the previous month, contrasting January’s revised 0.3% increase (previously reported: +0.9% month-on-month). The reading undershot market analysts’ expectations of a slim 0.1% expansion.

February’s downturn reflected a sharp fall in energy production. In addition, output of consumer goods shrank, while durable goods production recorded zero growth. On an annual basis, industrial production rose 1.2% in February (January: +0.2% year-on-year).

Among the Euro area economies for which data are available, the largest drop was recorded in Ireland, where industrial output plummeted 15.5% over the previous month. Industrial production also contracted significantly in Belgium (-4.9% mom) and France (-1.6% mom). On the flipside, the largest expansions were recorded in Slovenia (+3.6% mom), Latvia (+3.2% mom) and Estonia (+2.4% mom). Regarding the remaining largest economies, output fell in Spain (-0.3% mom) but rose in Germany (+0.8% mom) and Italy (+1.0% mom).

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.0% in 2017, which is up 0.1 percentage points from last month’s forecast. For 2018, panelists see industrial production growth at 1.7%.

Author: Angela Bouzanis, Senior Economist

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Eurozone Industry Chart

Euro Industry by country February 2017

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

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