Eurozone: Industrial production rebounds tepidly in March
May 15, 2018
Following three consecutive contractions, industrial output rebounded in March to grow a seasonally-adjusted 0.5% from the previous month, contrasting February’s downwardly revised 0.9% drop (previously reported: -0.8% month-on-month). The print, however, missed market expectations of a 0.7% increase. March’s upturn came on the back of recoveries in the production of durable consumer goods and non-durable consumer goods. Conversely, gains were offset by declines in intermediate goods and capital goods production, while energy output lost steam.
On an annual basis, industrial production expanded 3.0% in March, accelerating from February’s revised 2.6% increase (previously reported: +2.7% year-on-year). Meanwhile, annual average industrial production growth rose to an over six-year high of 3.5% in March from 3.4% in February.
Among the Euro area economies for which data is available, the largest expansions in industrial output were recorded in Estonia (+4.1% mom), Portugal (+3.7% mom) and Greece (+2.6% mom). The worst performers were Ireland (-7.0% mom), Croatia (-4.3% mom) and Latvia (-3.5% mom).
Author: Lindsey Ice, Economist