Eurozone: Industrial production up in February
April 13, 2012
In February, industrial production expanded 0.5% over the previous month in seasonally adjusted terms. The result was above the flat reading recorded in January (previously reported: +0.2 % month-on-month) and contrasted market expectations of a 0.2% drop. On an annual basis, however, industrial production declined 1.8%, which was a notch down from the 1.7% contraction registered in January. At a country level, Malta (-4.6% mom) and Ireland (-3.2% mom) were the region's worst performers whereas, at the other end of the spectrum, Netherlands (+13.0% mom) and Slovakia (+2.8% mom) recorded the best results. Among the major economies, industrial output contracted in Spain (-0.5% mom) and Germany (-0.2% mom), while it expanded in France (+0.2% mom). Italy did not provide detailed figures for February's EUROSTAT survey. Despite the monthly increase, the trend continued to deteriorate with annual average growth in industrial production dropped from 2.9% in January to 2.1% in February, the lowest level since August 2010.
Author: Armando Ciccarelli, Head of Data Solutions