Industrial Production Disappoints With Weakness Driven by Ireland and Italy

Eurozone industrial production slightly disappointed in April at -0.1% M/M (vs +0.2% consensus, +0.5% revised prior from +0.6%). The annual reading was also weak printing -3.0% Y/Y (vs -2.0% consensus, -1.2% prior revised from -1.0%).

• The April monthly fall was somewhat driven by Ireland, which saw production fall -3.4% M/M after rising 10.5% M/M last month.
• However, looking at the largest members of the Eurozone, Italy also drove the disappointment printing -1.0% M/M after growing 0.5% in March, which restricted the upside monthly contributions from Germany (+0.3%- reversing last month's loss), France (+0.6%), the Netherlands (+0.5%), Belgium (+0.4% - its third consecutive monthly increase)). Meanwhile Spain was unchanged month-on-month., after deteriorating 1.1% in March.
• From a sectoral perspective, only 1 of 5 sub-components fell. Intermediate goods fell for the second consecutive month by 0.4% M/M. Energy rose 0.4%, Capital goods increased 0.7% (its third successive month of increases albeit relatively small compared to the weakness in January 2024), Durable consumer goods also saw an increase in production by 0.3%, and Non-durable consumer goods production jumped to 3.4% reversing March's 2.7% fall.