Eurozone: Industrial production drops in March
May 14, 2012
In March, industrial production contracted 0.3% over the previous month in seasonally adjusted terms. The result contrasted both the 0.8% expansion recorded in February (previously reported: +0.5% month-on-month) and market expectations of a 0.4% increase. On an annual basis, industrial production declined 2.2%, further down the 1.5% contraction registered in February. At a country level, Netherlands (-9.0% mom) and Estonia (-3.4% mom) were the region's worst performers whereas, at the other end of the spectrum, Slovenia (+6.3% mom) and Slovakia (+3.5% mom) recorded the best results. Among the major economies, industrial output contracted in Spain (-1.8% mom) and France (-0.9% mom), while expanding in Germany (+1.3% mom) and Italy (+0.5% mom). Following the monthly drop, the trend continued to deteriorate, with annual average growth in industrial production falling from 2.1% in February to 1.4% in March, the lowest level since August 2010.
Author: Armando Ciccarelli, Head of Data Solutions