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April Industrial Production Slumps Further

EUROZONE DATA

EUROZONE APR IP +0.4% M/M; -2.0% Y/Y (FCST -1.1%); MAR -0.5%r Y/Y

  • The April Eurozone IP print saw modest +0.4% growth compared to March in the euro area, and a -2.0% y/y slump compared to April 2021. Both readings are weaker than consensus expectations, as price pressures remain acute and supply chain issues worsened following the onset of the Ukraine war and renewed Chinese lockdowns.
  • The year-on-year print was substantially milder in the EU, where a small +0.5 y/y uptick was recorded.
  • Energy production saw a substantial 5.4% m/m increase as the region shifted to domestic production capacities following swift Russian energy sanctions. Capital goods production fell by 0.2% m/m as firms began pricing economic uncertainty into investment plans.
  • March prints were revised up 0.4pp for m/m and 0.3pp for y/y.

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EUROZONE APR IP +0.4% M/M; -2.0% Y/Y (FCST -1.1%); MAR -0.5%r Y/Y

  • The April Eurozone IP print saw modest +0.4% growth compared to March in the euro area, and a -2.0% y/y slump compared to April 2021. Both readings are weaker than consensus expectations, as price pressures remain acute and supply chain issues worsened following the onset of the Ukraine war and renewed Chinese lockdowns.
  • The year-on-year print was substantially milder in the EU, where a small +0.5 y/y uptick was recorded.
  • Energy production saw a substantial 5.4% m/m increase as the region shifted to domestic production capacities following swift Russian energy sanctions. Capital goods production fell by 0.2% m/m as firms began pricing economic uncertainty into investment plans.
  • March prints were revised up 0.4pp for m/m and 0.3pp for y/y.