Eurozone Industry January 2017


Eurozone: Industrial production rebounds in January

March 14, 2017

The industrial sector in the common-currency bloc improved in January, after ending 2016 on a sour note. Industrial production increased a seasonally-adjusted 0.9% from the previous month, contrasting December’s revised 1.2% decrease (previously reported: -1.6% month-on-month). The reading slightly undershot market analysts’ expectations of a 2.0% rise.

January’s rebound reflected a sharp improvement in the production of capital goods as well as in energy output. In contrast, non-durable consumer goods production as well as intermediate goods output contracted. On an annual basis, industrial production rose 0.6% in January (December: +2.5% year-on-year).

Among the Euro area economies for which data are available, the largest growth rates in production were recorded in Ireland (+3.4% mom), Germany (+3.3% mom) and Greece (+2.5% mom). On the flipside, the largest drops were recorded in Latvia (-2.8% mom) and Italy (-2.3% mom). Regarding the remaining largest economies, output fell in France (-0.3% mom) but rose in Spain (+0.3% mom).

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.9% in 2017, which is unchanged from last month’s forecast. For 2018, panelists see industrial production growth broadly stable at 1.7%.

Author: Angela Bouzanis, Lead Economist

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Eurozone Industry Chart

Euro Industry by country January 2017

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

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