Eurozone Industrial Output Continues to Contract
Industrial production in the Euro Area declined 0.4 percent from a year earlier in April 2019, following an upwardly revised 0.7 percent contraction in the previous month and compared to market expectations of 0.5 percent drop.
6/13/2019 9:27:20 AM
Production fell for capital goods (-1.2 percent vs 1.6 percent), intermediate goods (-1.2 percent vs -0.5 percent), durable consumer goods (-0.8 percent vs -0.7 percent), and energy (-0.1 percent vs -7.8 percent). Meanwhile, non-durable consumer goods output rose 1.7 percent after being unchanged in the previous month.
Among Eurozone's largest economies, Germany's industrial output contracted the most (-3.4 percent vs -2.3 percent), followed by Italy (-1.5 percent vs -1.6 percent). On the other hand, an output rebound was seen in Spain (1.4 percent vs -3.5 percent) and France (1.0 percent vs -0.8 percent).
In the EU28, industrial production edged 0.1 percent lower in April (vs 0.4 percent in March) as a contraction in production of capital goods (-1.6 percent vs 1.5 percent), energy (-0.6 percent vs -6.4 percent) and intermediate goods (-0.1 percent vs 0.8 percent) was partially offset by gains in non-durable (2.8 percent vs 2.1 percent) and durable consumer goods (0.2 percent vs -0.1 percent).
On a monthly basis, industrial output fell 0.5 percent in April (vs -0.4 percent in March), in line with forecasts, as production dropped for durable consumer goods (-1.7 percent vs 0.6 percent), capital goods (-1.4 percent vs 0.7 percent), and intermediate goods (-1.0 percent vs 0.1 percent). On the other hand, energy output grew 1.4 percent (vs -1.1 percent in March) and non-durable consumer goods production edged up 0.2 percent (vs -1.2 percent in March).
The biggest output declines were seen in Germany (-2.3 percent vs 0.6 percent) and Italy (-0.7 percent vs -1.0 percent), while production increased in Spain (1.7 percent vs -1.2 percent) and France (0.4 percent vs -1.1 percent).