Eurozone: Industrial output unexpectedly rises for third consecutive month
June 12, 2013
According to data released by Eurostat on 12 June, industrial production rose 0.4% in April over the previous month in seasonally adjusted terms. The reading was below the 0.9% rise recorded in March (previously reported: +1.0% month-on-month) but came in above market expectations of a flat reading. In addition, the result marks a third consecutive rise in industrial output.
At a country level, Ireland (+3.0% mom) and France (+2.3% mom) were the region's best performers whereas, at the other end of the spectrum, Finland (-5.1% mom) and the Netherlands (-4.3% mom) recorded the worst results. Among the remaining major economies, industrial output expanded in Germany (+1.2% mom), whereas it contracted in Italy (-0.3% mom) and Spain (-0.9% mom).
On an annual basis, industrial production declined 0.6%, which, nevertheless, represents an improvement over the 1.7% contraction registered in March. As a result, the trend is now pointing upwards, with average annual growth in industrial production rising from minus 2.5% in March to minus 2.3% in April.
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