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Industrial Production Sees Optimistic May Rebound

EUROZONE DATA
MNI (London)

EUROZONE MAY IP +0.8% M/M, +1.6% Y/Y (FCST +0.3%); APR -2.5%r Y/Y

  • Industrial production saw an optimistic rebound in the Eurozone May print, expanding at 1.6% y/y, following the downwards revised -2.5% y/y contraction recorded in April. This is a significant beat of the modest +0.3% m/m and y/y improvement anticipated.
  • Non-durable consumer goods production increased 2.7% m/m, followed by capital goods by 2.5% m/m and durables by 1.4% m/m.
  • Energy production accounted for the key downwards driver, falling 3.3% m/m in May.
  • The May upswing is largely a recalibration following the shock of the onset of the Ukraine war, as supply chains required considerable adjustment following sanctions on Russian trade. The outlook for upcoming months looks less optimistic when taking into account the drop-off in new orders recorded in recent manufacturing PMIs.

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EUROZONE MAY IP +0.8% M/M, +1.6% Y/Y (FCST +0.3%); APR -2.5%r Y/Y

  • Industrial production saw an optimistic rebound in the Eurozone May print, expanding at 1.6% y/y, following the downwards revised -2.5% y/y contraction recorded in April. This is a significant beat of the modest +0.3% m/m and y/y improvement anticipated.
  • Non-durable consumer goods production increased 2.7% m/m, followed by capital goods by 2.5% m/m and durables by 1.4% m/m.
  • Energy production accounted for the key downwards driver, falling 3.3% m/m in May.
  • The May upswing is largely a recalibration following the shock of the onset of the Ukraine war, as supply chains required considerable adjustment following sanctions on Russian trade. The outlook for upcoming months looks less optimistic when taking into account the drop-off in new orders recorded in recent manufacturing PMIs.