Industrial Production (Apr 2020)......>

EUROZONE DATA: Industrial Production (Apr 2020)

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- EZ IP: -17.1% m/m, -28.0% y/y (vs. consensus -20.0% m/m, -29.5% y/y) 

- The pandemic hit the EZ industrial sector particularly hard, resulting in a

17.1% slump in Apr, just slightly better than markets anticipated 

- Annual output plunged by 28% following an already sharp contraction (13.5%) in

Mar 

- Both indicator showed the steepest falls on record, far exceeding the lows

reached during the financial crisis in 2008/2009 

- Durable consumer goods (-28.9%) saw the largest m/m fall, followed by capital

(-26.6%), intermediate (-15.6%) and non-durable consumer goods (-11.9%) 

- Energy output posted the smallest decline, only dropping by 4.8% - Production

decreased in all member states with Slovakia (-26.7%), Luxembourg (-26.6%) and

Spain (-22.4%) recorded the biggest declines 

- The strict lockdown measures enacted in Europe were lifted slightly in May,

suggesting a small improvement in the coming month.