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Economy in Brief

Euro-Area IP is Up in March and Still Off Year/Year
by Robert Brusca  May 14, 2012

Euro-area industrial production (IP) rose by 0.9% m/m in March. It is still lower by 1.3% y/y but is sequentially cutting its losses and is up over three months at a 1.6% annual rate.

The output of consumer durable goods and nondurable goods is still declining at aggressively faster rates, however. The sense of a pick-up is on the back of capital goods trends supported by intermediate goods.

Despite these trends in the quarter-ended March, IP was still falling overall and is dropping for all the major components except capital goods which post a rise of 0.7% at an annual rate in Q1. Overall IP is falling at a 2.2% pace in Q1.

Among EU/EMU members listed in the table only Germany has a rise in IP in Q1. France is near zero and the UK is at zero. Ireland is laboring under a massive 18% annual rate decline with Italy’s large 8% drop also in place. Portuguese IP is off at a 2.4% pace and Spain’s is off at a 1.7% pace.

Germany and France are showing IP acceleration from tweleve months to six months to three months; each has positive rate of growth over three months. Oddly Portugal is in that same camp with weaker 12-month and 6-month growth and stronger 3-month growth. For Ireland, Spain and Italy deep and deepening rates of negative growth in IP output is more the rule. The UK continues to see more slippage but on milder negative rates of growth.

Euro-Area MFG IP
SAAR
Except M/M
Mo/Mo Mar
12
Feb
12
Mar
12
Feb
12
Mar
12
Feb
12
 
Euro-Area
Detail
Mar
12
Feb
12
Jan
12
3
Mo
3
Mo
6
Mo
6
Mo
12
Mo
12
Mo
Q:2
D
MFG 0.9% -0.4% -0.1% 1.6% -4.0% -1.2% -7.7% -1.3% -2.0% -2.3%
Cons 0.7% -1.5% -0.8% -6.3% -8.4% -4.7% -9.1% -3.8% -4.5% -7.7%
Cons
Durables
-0.2% -1.7% 0.2% -6.8% -6.3% -5.8% -12.8% -6.0% -6.2%  
C-Non
durables
0.8% -1.3% -0.8% -5.2% -8.1% -4.6% -8.6% -3.4% -4.0%  
Intermed 1.0% -1.4% 0.7% 1.1% -6.2% -2.9% -8.6% -2.8% -3.9% -2.1%
Capital 1.1% 1.4% -0.4% 8.8% -0.1% 3.8% -5.6% 2.7% 1.8% 0.7%
Main Euro-Area Countries and UK IP in MFG
  Mo/Mo Mar
12
Feb
12
Mar
12
Feb
12
Mar
12
Feb
12
 
MFG Only Mar
12
Feb
12
Jan
12
3
Mo
3
Mo
6
Mo
6
Mo
12
Mo
12
Mo
Q:2
D
Germany 1.4% 0.3% 1.1% 11.5% -2.8% 2.1% -5.6% 1.8% 1.4% 0.9%
France:IPx
Const
-0.9% 0.9% 0.2% 0.9% -1.3% -0.2% -2.7% -0.9% -1.4% -0.4%
Italy 0.6% -0.9% -2.5% -10.9% -8.1% -4.3% -13.2% -5.4% -6.3% -8.0%
Spain -2.5% -3.9% 2.6% -14.7% -1.0% -10.1% -8.1% -9.2% -7.1% -1.7%
Ireland -2.7% -3.2% 0.7% -19.0% -1.1% -15.0% -20.5% -5.8% -3.1% -18.9%
Greece -1.7% -2.7% 4.2% -1.6% -4.2% -13.5% -9.3% -8.8% -8.3% 5.4%
Portugal 2.3% 0.5% 0.1% 12.2% -3.2% -4.0% -17.5% -5.8% -7.2% -2.4%
UK: EU
member
0.8% -1.0% -0.3% -2.1% -0.8% -0.8% -2.5% -0.9% -1.5% 0.0%
Some Euro-Area reporters are timely and some lag. This table allows a sequential inspection of trends
regardless of topicality
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