Eurozone: Industrial production deteriorates further in April
June 13, 2012
In April, industrial production contracted 0.8% over the previous month in seasonally adjusted terms. The result followed on a 0.1% drop in March (previously reported: -0.3% month-on-month) and came in above market expectations of a 1.2% contraction. On an annual basis, industrial production declined 2.3%, further down from the 1.5% contraction registered in March. At a country level, Portugal (-6.5% mom) and Germany (-2.0% mom) were the region's worst performers whereas, at the other end of the spectrum, Netherlands (+2.9% mom) and Malta (+1.9% mom) recorded the best results. Among the other major economies, industrial output contracted in Italy (-1.9% mom) and Spain (-0.7% mom), while expanding in France (+1.5% mom). Following the monthly drop, the trend continued to deteriorate, with annual average growth in industrial production falling from 1.6% in March to 0.9% in April.
Author: Armando Ciccarelli, Head of Data Solutions