Eurozone Industrial Output Growth Eases to 2.7% in January


Industrial production in the Euro Area grew by 2.7 percent year-on-year in January 2018, following an upwardly revised 5.3 percent increase in the previous month and missing market expectations of 4.7 percent. Energy production slumped while output growth slowed for both intermediate and durable consumer goods.

Year-on-year, energy production slumped 10.4 percent (vs 1 percent in December) while output growth slowed for intermediate goods (5.1 percent vs 6.1 percent) and durable consumer goods (3.8 percent vs 5.9 percent). Meanwhile, output rose faster for capital goods (8.5 percent vs 7.9 percent) and non-durable consumer goods (3 percent vs 2.2 percent).

In the EU28, industrial output went up 3 percent (vs 4.7 percent in December), as energy production fell 7.4 percent (vs 0.2 percent in December) and output increased at softer pace for both intermediate goods (5.1 percent vs 5.8 percent) and durable consumer goods (4.2 percent vs 5.5 percent). Meanwhile, growth picked up for capital goods (8.3 percent vs 7.8 percent) and non-durable consumer goods (2.7 percent vs 1.8 percent).

Among Member States for which data are available, the highest increases in industrial production were registered in Romania (8.5 percent), Estonia (7.7 percent) and Sweden (7.1 percent), and the largest decreases in the Netherlands (-6.6 percent), Malta (-1.7 percent) and Greece (-1.6 percent). 

On a monthly basis, industrial production fell by 1 percent in January, worse than market expectations of a 0.4 percent drop and compared with a 0.4 percent growth in December. It was the steepest decline in industrial production since December 2016, as output fell for energy (-6.6 percent vs 1 percent in December), durable consumer goods (-1.9 percent vs 1.7 percent) and intermediate goods (-1 percent vs 1.1 percent). By contrast, capital goods production rose 1.2 percent (vs -1.1 percent in December) and non-durable goods output edged up 0.1 percent (vs -0.1 percent in December).

In the EU28, output shrank 0.7 percent, following an increase of 0.3 percent in December, due to falls in energy (-3.3 percent vs -0.6 percent), durable consumer goods (-1.4 percent vs 1.8 percent), intermediate goods (-0.6 percent vs 1 percent) and non-durable consumer goods (-0.3 percent vs 0.1 percent). Production of capital goods, however, grew 1.2 percent (vs -0.7 percent in December).

Among Member States for which data are available, the largest decreases in industrial production were registered in the Netherlands (-5.7 percent), Romania (-2.9 percent) and Spain (-2.5 percent ), and the highest increases in Portugal (2.5 percent), Estonia (1.9 percent) and Denmark (1.8 percent).

Eurozone Industrial Output Growth Eases to 2.7% in January


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/14/2018 10:27:57 AM