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Economy in Brief

IP Drops Sharply Across Sectors in the Euro Area
by Robert Brusca February 12, 2009

Industrial production fell by a sharp 3% in December and is having its sharpest fall since the Euro Area data series began. The progressive growth rates show that GDP is getting weaker and weaker over shorter periods. In the fourth quarter IP in the zone is down at a 20.7% annual rate. Consumer output is down by the least at a -6.4% pace. Intermediate goods output is down at an outsized -30% annual pace in Q4. Capital goods output is off at a -21.2% annual rate. The country level data show year-over-year MFG IP declines are fairly uniform across countries. We are looking to very weak GDP results for EMU and its member nations.

Euro Area MFG IP
Saar except m/m Mo/Mo Dec
08
Nov
08
Dec
08
Nov
08
Dec
08
Nov
08
 
Euro Area Detail Dec
08
Nov
08
Oct
08
3Mo 3Mo 6mo 6mo 12mo 12mo Q4
MFG -3.1% -2.4% -1.8% -25.6% -22.5% -17.8% -13.3% -12.2% -8.3% -20.7%
Consumer -0.7% -0.7% -0.2% -6.5% -6.5% -6.0% -3.7% -4.8% -3.9% -6.4%
  C-Durables -2.8% -2.8% -1.9% -26.5% -25.6% -19.6% -14.6% -13.4% -10.5%  
  C-Nondurables -0.9% -0.2% 0.1% -4.1% -3.7% -4.8% -1.8% -3.9% -2.6%  
Intermediate -5.7% -3.6% -2.8% -39.0% -32.7% -27.5% -19.9% -18.8% -11.8% -30.9%
Capital -2.5% -2.6% -2.4% -25.9% -24.3% -16.9% -13.8% -10.8% -8.2% -21.2%
Main E-zone Countries and UK IP in MFG
  Mo/Mo Dec
08
Nov
08
Dec
08
Nov
08
Dec
08
Nov
08
 
MFG Only Dec
08
Nov
08
Oct
08
3Mo 3Mo 6mo 6mo 12mo 12mo Q-2-
Date
Germany: -5.3% -3.8% -2.1% -36.5% -32.1% -23.8% -14.1% -13.1% -7.2% -26.9%
France: IP ex Construction -1.8% -2.8% -3.8% -28.8% -25.6% -15.1% -13.4% -11.1% -9.1% -24.1%
Italy -2.7% -3.2% -2.2% -28.1% -30.2% -22.8% -18.1% -13.1% -10.6% -26.0%
Spain 2.7% -9.4% -2.0% -30.9% -30.7% -10.1% -23.2% -15.0% -17.2% -29.8%
UK: EU member -2.2% -3.0% -1.6% -24.1% -20.3% -16.6% -14.0% -10.2% -8.4% -19.1%
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