EZ Mar Production Edges Higher, But Weaker Than Expected

EZ MAR IND PROD +0.1% M/M, +10.9% Y/Y; FEB -1.2% M/M

• EZ IP ticked up in Mar, rising by 0.1%, but falling short of market expectations (BBG: +0.7%)
• Feb's reading was revised down from -1.0% to -1.2%.
• Non-durable consumer and intermediate goods output rebounded in Mar, increasing by 1.9% and 0.6%, respectively, after recording a decline in the previous month.
• Similarly, energy output rose by 1.2%, following Feb's 1.6% drop.
• While durable consumer goods production was unchanged at -1.2% in Mar, capital goods output fell at a slower pace of 1.2%.
• Annual output jumped to 10.9% in Mar, reflecting the sharp decline seen in Mar 2020 (-13.5%) and showing the highest growth rate on record.
• Among the member states, Lithuania (+4.5%), the Netherlands (+2.9%) and Greece (+2.2%) saw the largest gains, while Luxembourg (-4.4%), Belgium (-4.0%) and Ireland (-2.0%) recorded the biggest declines.
• The highest annual growth rates were recorded by Italy (+37.7%), Slovakia (+24.5%) and Lithuania (+14.6%), while the only y/y decline was seen in Malta (-2.8%).

Source: Eurostat