Eurozone: Industrial production in March contracts for second consecutive month
May 13, 2016
The industrial sector in the common-currency bloc improved slightly in March, although it recorded the second consecutive contract. Industrial production fell a seasonally-adjusted 0.8% over the previous month. The reading followed the revised 1.2% decrease observed in February (previously reported: -0.8% month-on-month) and was worse than the flat growth that market analysts had expected.
March’s reading reflected broad-based drops in production of consumer, intermediate and capital goods. In contrast, production of energy increased in March. Over the same month last year, industrial production grew 0.2% in March (February: +1.0% year-on-year).
Among the Euro area economies, for which data are available, the largest drops in production were recorded in Ireland (-11.2% mom), Lithuania (-3.5% mom) and Estonia (-3.3% mom). Regarding the region’s largest economies, output declined in Germany (-1.0% mom) and France (-0.3% mom). However, industrial production growth was flat in Italy and grew 1.3% in Spain.