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Financial News: Eurozone Industrial Production Recovers In April

Eurozone Industrial Production Recovers In April

06/15/2022 - 07:01:00 (RTTNews)

(RTTNews) - Eurozone industrial production recovered in April but the pace of growth remained weak, data from Eurostat showed on Wednesday.

Industrial output rose 0.4 percent month-on-month in April, reversing a 1.4 percent fall in March, which was revised down from a 1.8 percent decline estimated initially.

The monthly growth was just below the 0.5 percent increase expected by economists.

The small increase in industrial production in April leaves industry vulnerable to a decline in the second quarter as supply chain problems and weakening demand become dominant themes again, ING economist Bert Colijn, said.

The increase in industrial output in April only partially reversed the decline in March and shows that the economic fallout from the Ukraine war is still holding back production, Capital Economics economist Michael Tran said. Manufacturing output is likely to be a drag on growth for the rest of the year.

Official data revealed that energy production alone grew 5.4 percent monthly in April and output of intermediate goods rose 0.7 percent.

Output growth in the non-durable consumer goods segment was 0.4 percent and durable consumer goods output registered an increase of 0.2 percent.

The capital goods sector was the only sector that contributed negatively to overall production in April, which fell 0.2 percent.

On a yearly basis, industrial production dropped 2.0 percent in April, faster than the revised 0.5 percent fall in March. The expected decrease was 1.1 percent.

Industrial production in the EU27 rose 0.3 percent monthly, while it contracted 0.5 percent from a year ago in April.

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