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Austria industrial production contracts in June

Austria industrial productionIn June, industrial production contracted 0.1% over the previous month in seasonally adjusted terms, contrasting May’s 0.4% expansion.

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June’s deterioration was driven by the water supply sector swinging to contraction and the mining sector falling deeper into contractionary territory.

This largely offset solid performances in the manufacturing and energy sectors, which both swung back into expansion.

In annual terms, industrial production grew 4.5% in June, which was below the 4.7% registered in May. However, annual average growth in industrial production in June was 2.7%, up from May’s 2.4%.

FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.8% in 2017, which is up 0.2 percentage points from last month’s forecast.

For 2018, the panel expects that industrial production will increase 2.6%.

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