Eurozone Industrial Output Growth Eases to 1-Year Low


Industrial production in the Euro Area rose by 1.7 percent year-on-year in April 2018, following an upwardly revised 3.2 percent gain in the previous month and missing market expectations of 2.8 percent. It was the smallest increase in industrial production since last April, as output growth slowed for intermediate and consumer goods while energy production fell.

Year-on-year, output growth slowed for: intermediate goods (0.8 percent vs 1.7 percent in March); durable consumer goods (0.4 percent vs 2.4 percent); and non-durable consumer goods (0.7 percent vs 2 percent). In addition, energy production slumped 0.7 percent, after a sharp increase of 8.7 percent in the previous month. On the other hand, capital goods output rose at a faster 4.3 percent (vs 3 percent in March).

In the EU28, industrial production went up 1.7 percent (vs 3 percent in March), as output increased at softer pace for: intermediate goods (0.8 percent vs 1.4 percent); durable consumer goods (1.3 percent vs 2.6 percent); and non-durable consumer goods (0.4 percent vs 1.3 percent). Also, energy production was unchanged (vs 8.3 percent in March), while capital goods output advanced further (4.7 percent vs 3.6 percent).

Among Member States for which data are available, the highest increases in industrial production were registered in Slovenia (6.9 percent), Romania (6 percent) and Poland (5.9 percent), and the largest decreases in Malta (-5.8 percent), Ireland (-4.7 percent) and Croatia (-1.3 percent).

On a monthly basis, output fell by 0.9 percent in April, worse than market expectations of a 0.5 percent decline and following an upwardly revised 0.6 percent gain in March. It was the steepest decline in industrial production since last June, as output fell for energy (-5 percent vs 1 percent), durable (-2.2 percent vs 1.5 percent) and non-durable goods (-1.2 percent vs 1.4 percent) as well as intermediate goods (-0.8 percent vs -0.1 percent). By contrast, capital goods production surged 1.9 percent after a 0.4 percent drop in the previous month.

In the EU28, output shrank 0.8 percent, following an increase of 0.5 percent in March, due to falls in energy (-3.8 percent vs 1.4 percent), durable consumer goods (-1.9 percent vs 1.3 percent), non-durable consumer goods (-1 percent vs 1 percent) and intermediate goods (-0.7 percent vs -0.3 percent). Production of capital goods, however, grew 1 percent (vs -0.1 percent in March).

Among Member States for which data are available, the largest decreases in industrial production were registered in Lithuania (-7.9 percent), the Netherlands (-4.4 percent) and Greece (-3.3 percent), and the highest increases in Ireland (9.1 percent), Romania (2.1 percent) and Denmark (0.8 percent).

Eurozone Industrial Output Growth Eases to 1-Year Low


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
6/13/2018 9:38:38 AM