Eurozone: Industrial output contracts in September
November 13, 2013
In September, industrial production contracted a seasonally-adjusted 0.4% over the previous month, according to data released by Eurostat on 13 November. The reading contrasted the 1.0% expansion recorded in August and exceeded the 0.3% contraction the market had expected.
At a country level, Portugal (-11.2% month-on-month) and Luxembourg (-4.1% mom) were the region's worst performers. At the other end of the spectrum, Ireland (+2.9% mom) and Slovakia (+1.0% mom) recorded the best results. Among the four major economies, industrial output dropped in Germany (-0.8% mom) and France (-0.4% mom), while it expanded in Spain (+0.4% mom) and Italy (+0.2% mom).
On an annual basis, industrial production expanded 1.0%, which contrasted the 1.1% contraction registered in August and marked the highest reading in two years. Meanwhile, annual average growth in industrial production rose from minus 2.0% in August to minus 1.7% in September.
FocusEconomics Consensus Forecast panelists see industrial production contracting 0.7% in 2013, which is unchanged from last month's forecast. For 2014, panelists see industrial production rebounding to a 1.9% expansion, which is down 0.2 percentage points from last month's projection.
Author: Armando Ciccarelli, Head of Data Solutions