Eurozone: Industrial production picks up in May
July 12, 2012
In May, industrial production expanded 0.6% over the previous month in seasonally adjusted terms. The result contrasted the 1.1% drop recorded in April (previously reported: -0.8% month-on-month) and came in above market expectations of a flat reading. On an annual basis, industrial production declined 2.8%, which was further down from the 2.4% contraction registered in April. At a country level, Slovenia (-3.2% mom) and France (-2.1% mom) were the region's worst performers whereas, at the other end of the spectrum, Portugal (+4.1% mom), Slovakia and Luxembourg (both at +2.2% mom) recorded the best results. Among the remaining major economies, Germany showed the largest expansion (+1.5% mom), followed by Spain (+0.9% mom) and Italy (+0.8% mom). As a result of the monthly reading, the trend continued to deteriorate, with annual average growth in industrial production falling from 0.9% in April to 0.3% in May.
Author: Armando Ciccarelli, Head of Data Solutions