Eurozone Industrial Output Contracts Less than Expected


Industrial production in the Euro Area fell 0.6 percent from a year earlier in March of 2019, after showing no growth in the previous month and compared with market expectations of a 0.8 percent decline.

Output dropped faster for energy (-6.2 percent from -4.7 percent in February) and slowed for both durable consumer goods (0.1 percent from 0.6 percent) and non-durable consumer goods (1.7 percent from 3.7 percent). On the other hand, production advanced faster for intermediate goods (0.8 percent from 0.4 percent) and capital goods (1.5 percent from 1 percent).

Among Eurozone's largest economies, Spain’s industrial output contracted the most in March (-3.4 percent from -0.1 percent), followed by Germany (-2.5 percent from -1.6 percent), Italy (-1.4 percent from 0.9 percent) and France (-1 percent from -0.2 percent).

In the EU28, industrial production went up 0.4 percent in March (from 0.5 percent in February), as output slowed for both durable consumer goods (0.1 percent from 0.6 percent) and non-durable consumer goods (1.7 percent from 3.7 percent). In addition, production fell further for energy (-6.2 percent from -4.7 percent) while it increased faster for intermediate goods (0.8 percent from 0.4 percent) and capital goods (1.5 percent from 1 percent). 

On a monthly basis, industrial output edged down 0.3 percent from a month earlier in March of 2019, following a downwardly revised 0.1 percent decrease in February and in line with market consensus. Output declined at a softer pace for energy (-0.3 percent from -3.4 percent) and production rebounded for capital goods (0.4 percent from -0.1 percent) and durable consumer goods (0.7 percent from -0.5 percent). On the other hand, output fell for non-durable consumer goods (-1 percent from 0.9 percent).

The biggest output declines were seen Spain (-1.2 percent from -1 percent); France (-1 percent from 0.1 percent) and Italy (-0.9 percent from 0.8 percent) while gains where seen in Germany (0.4 percent from -0.2 percent). 

In the EU28, output edged down 0.1 percent, after showing no growth in the previous month, as intermediate goods output was unchanged, following a 0.3 percent gain in February. Meanwhile, production fell at a softer pace for energy (-0.2 percent from -2.6 percent) and it dropped for non-durable consumer goods (-0.5 percent from 0.7 percent). On the other hand, output rose for durable consumer goods (0.5 percent from a flat reading) and capital goods (0.4 percent from 0.2 percent). 

Eurozone Industrial Output Contracts Less than Expected


Eurostat | Agna Gabriel | agna.gabriel@tradingeconomics.com
5/14/2019 9:24:56 AM