Eurozone Industrial Production Rebounds In April
(RTTNews) - Eurozone industrial output rebounded in April underpinned by a strong bounce-back in capital goods production, data released by Eurostat showed on Wednesday. Industrial production posted a monthly increase of 1.0 percent, as expected, but reversed the revised 3.8 percent decrease in March.
The expansion was solely driven by the 14.7 percent increase in capital goods output and the 1.0 percent rise in energy production.
Production of durable and non-durable consumer goods declined 2.6 percent and 3.0 percent, respectively. Manufacture of intermediate goods fell 1.0 percent.
On a yearly basis, industrial output gained only 0.2 percent in April. Economists had forecast production to grow 0.8 percent after a 1.4 percent fall.
Although this is a disappointing bounce-back, the underlying data look worse, ING economist Bert Colijn said. Given that survey results in May continue to be downbeat, it is likely that production will contract on the quarter, the economist added.
Production in the EU27 grew 0.7 percent in April from March. From the last year, output edged up 0.1 percent.
Data showed that the sharp 21.5 percent increase in Ireland's production contributed strongly to the overall euro area industrial output.
Production was flat in Germany, while France reported a 0.8 percent gain. Production in Spain and Italy decreased 1.8 percent and 1.9 percent, respectively.
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