Eurozone: Industrial output records largest contraction in almost four years
November 14, 2012
In September, industrial production dropped 2.5% over the previous month in seasonally adjusted terms. The contraction contrasted the 0.9% increase recorded in August (previously reported: +0.6% month-on-month) and was larger than the 2.0% drop expected by the market. The result marks the largest drop in industrial output in almost four years. At a country level, Ireland (-12.6% mom) and Portugal (-12.0% mom) were the region's worst performers whereas, at the other end of the spectrum, Estonia (+2.0% mom) and Slovakia (+1.4% mom) recorded the best results. Among the region's major economies, Spain recorded the worst result (-2.8% mom), followed by France (-2.7% mom), Germany (-2.1% mom) and Italy (-1.5% mom). On an annual basis, industrial production declined 2.3%, which was down from the 1.3% contraction registered in August. As a result, annual average growth in industrial production fell from minus 1.3% in August to minus 1.6% in September.
Author: Armando Ciccarelli, Head of Data Solutions