Eurozone: Industrial output rebounds in June
August 13, 2013
In June, industrial production rose a seasonally adjusted 0.7% over the previous month, according to data released by Eurostat on 13 August. The reading contrasted the revised 0.2% decrease recorded in May (previously reported: -0.3% month-on-month) and came in slightly below the 0.8% increase the market had expected.
At a country level, Ireland (+8.7 mom), Greece (+2.5% mom) and Germany (+2.5% mom) were the region's best performers. At the other end of the spectrum, the Netherlands (-4.1% mom) and Portugal (-2.8% mom) recorded the worst results. Among the remaining major economies, industrial output expanded in Italy (+0.3% mom), while it contracted in Spain (-0.5% mom) and in France (-1.5% mom).
On an annual basis, industrial production rose 0.3%, rebounding from the 1.3% contraction registered in May. June's result marked the first increase after 19 consecutive periods of decline. Meanwhile, average annual growth in industrial production rose from minus 2.2% in May to minus 2.0% in June.
FocusEconomics Consensus Forecast panellists see industrial production contracting 0.8% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, panellists see industrial production rebounding to a 1.9% expansion.
Author: Armando Ciccarelli, Head of Data Solutions