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Europe: Industrial Production Slumps

March 13th, 2013
in econ_news, syndication

Econintersect:  Eurostat has released Industrial Production (IP) numbers for January for both the Eurozone (EU17) and the full European Union (EU27).  eurooncrutchesThe results were the same:  January was down 0.4% month-over-month.  Year-over-year IP was down year-over-year for January, 1.3% for EU17 and 1.7% EU27.

The January IP numbers must be a disappointment to EU officials who have been reporting their expectation for economic recovery in 2013, a dividend from their successful austerity programs.  These expectations were reported by GEI News on February 24.

Follow up:

UK IP fell unexpectedly fell in January 2013, 1.2% lower than for December.  Manufacturing declined even more, -1.5%.  The results were a big surprise; an increase of 0.1% had been the consensus from a  Bloomberg News survey of 29 economists.  Fears have been expressed that Britain may slip into a triple-dip recession.

Here is a revealing graphic from the Eurostat press release:

Click on graph for larger image.

EUIPthrough2013january

IP has been in decline for Europe for almost two full years.

Here is a summary from the Eurostat press release:

Monthly comparison
In January 2013 compared with December 2012, production of durable consumer goods fell by 1.4% in the euro area and by 0.4% in the EU27. Capital goods decreased by 1.2% in both zones. Production of energy dropped by 1.0% in the euro area and by 1.2% in the EU27. Intermediate goods rose by 0.1% in the euro area and fell by 0.1% in the EU27. Non-durable consumer goods increased by 0.9% and 1.3% respectively.

Among the Member States for which data are available, industrial production fell in nine and rose in nine. The largest decreases were registered in Finland (-4.1%), Luxembourg (-3.8%) and Latvia (-3.5%), and the highest increases in Lithuania (+4.4%), Denmark (+4.3%) and Portugal (+3.5%).

Annual comparison
In January 2013 compared with January 2012, production of durable consumer goods fell by 5.5% in the euro area and by 4.3% in the EU27. Intermediate goods dropped by 3.1% and 3.4% respectively. Capital goods decreased by 2.6% in both zones. Production of energy increased by 0.9% in the euro area and remained stable in the EU27.  Non-durable consumer goods rose by 3.1% and 2.2% respectively.

Among the Member States for which data are available, industrial production fell in eleven and rose in seven. The largest decreases were registered in Sweden (-5.9%), Finland (-5.4%), Greece and Spain (both -5.0%), and the highest increases in Bulgaria and Lithuania (both +8.0%) and Estonia (+5.5%).

Sources:









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