Global| Apr 15 2003Declines and Deceleration in Industrial Production in Major Euro- Zone Countries Lead to Lower Growth Forecasts
Summary
Industrial production declined in February in Germany and Italy and decelerated in France. The slowdown in activity in three of the major Euro-zone countries even before the outbreak of war in Iraq, which began on March 20th, suggests [...]
Industrial production declined in February in Germany and Italy and decelerated in France.
The slowdown in activity in three of the major Euro-zone countries even before the outbreak of war in Iraq, which began on March 20th, suggests that the area is in for another year of slow growth. Growth in the area in 2002 was a mere 0.8%.
Since February, the war has had a further dampening effect on consumer and business plans, and forecasting entities have been lowering their estimates of growth.
The Bank of France now expects no growth in France in the second quarter instead of the slight improvement of 0.1% expected earlier.
The six German institutes that forecast the German outlook for the government have lowered their estimate of German growth in 2003 from 1.4% made last October to 0.5% currently.
The executive branch of the European Union has lowered its forecast for growth in the Euro Zone as a whole to 1.0% from 1.8%.
| Industrial Production | Feb03 | Jan03 | M/M% | Y/Y% | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|---|
| Italy (2000=100) | 97.3 | 97.6 | -0.3 | -0.82 | 98.0 | 99.3 | 100.4 |
| France (1995=100) | 117.7 | 117.0 | 0.6 | 0.10 | 100.0 | 103.6 | 105.9 |
| Germany (1995=100) | 111.8 | 112.6 | -0.7 | 0.18 | 111.3 | 113.2 | 113.4 |
More Economy in Brief
