May 13, 2022 09:00 GMT
EUROZONE MAR IP -1.8% M/M, -0.8% Y/Y; FEB +0.5%r M/M
FEB M/M IP REVISED DOWN 0.2PP, Y/Y IP REVISED DOWN 0.3PP
- Industrial production contracted by -1.8% m/m, the largest month-on-month decline since February 2021. Compared to March 2021. IP slumped by -0.8%.
- Forecasts were anticipating marginally stronger contractions of -2.0% m/m and -1.0% m/m.
- Capital good production drove the decline (-2.7% m/m), followed by durable consumer goods (-2.3% m/m), immediate goods (-2.0% m/m) and energy (-1.7% m/m). Only durable consumer goods saw expansion (+0.8% m/m).
- Within the Eurozone aggregate, German industrial production fell by 5.0% m/m.
- The March print highlights the initial effects of the onset of the Ukraine war. Worsened supply chain disruptions, energy price growth and reduced propensity to invest in capital goods are key downside drivers.
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