Industrial output rebounds sharply in April

Latest reading: Industrial output—excluding energy—recovered following three consecutive monthly declines in April, expanding 3.3% month on month in seasonally and calendar-adjusted terms (March -0.2% mom s.a.). That said, industrial production is still down around 5% sequentially since the start of the year. Looking at the details of the release, both manufacturing plus mining and quarrying rebounded sharply in the month, with a strong performance from the chemical and pharmaceutical industry signaling a potential boost from frontloading ahead of U.S. tariff hikes. On an annual basis, industrial output rose 6.4% in calendar-adjusted terms in April, swinging from March’s 2.8% contraction. As a result, the trend pointed up, with the annual average variation of industrial production coming in at minus 0.2%, above March’s minus 1.2% reading.

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