Eurozone Industry March 2016

Eurozone

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.

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


Author: Angela Bouzanis, Senior Economist

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Euro Industry by country March 2016

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


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