Eurozone: Industrial production unexpectedly rises in August
October 12, 2012
In August, industrial production rose 0.6% over the previous month in seasonally adjusted terms. The result mirrored the 0.6% increase recorded in July (previously reported: +0.5% month-on-month) and contrasted market expectations of a 0.4% drop. At a country level, Portugal (+6.8% mom) and Slovenia (+4.0% mom) were the region's top performers whereas, at the other end of the spectrum, Finland (-1.1% mom) and Germany (-0.4% mom) recorded the worst results. Among the other major economies, Italy recorded the best performance (+1.7% mom), followed by France (+1.5% mom) and Spain (+1.3% mom). On an annual basis, industrial production declined 2.9%, which was a notch down from the 2.8% contraction registered in July. As a result of the subdued annual reading, the trend continued to deteriorate, with annual average growth in industrial production falling from minus 0.7% in July to minus 1.4% in August, which represents the worst result in more than two years.
Author: Armando Ciccarelli, Head of Data Solutions