Friday, 14 December 2012

Details on the Poor Industrial Production numbers in Europe

As reported, the industrial production numbers in Europe and the euro area as of October were poor. Digging a bit further into the numbers per country/area reveals that on a YoY percentage change basis, only 12 countries reported an increase in industrial production for the month with Lithuania, Slovakia and Malta reporting the biggest increases. Mean while, 19 countries reported a decline in industrial production for the month compared to October last year.

Based on a 12 month smoothed YoY percentage change basis, the table looks like this, with Slovakia, Latvia and Poland showing the highest growth while Hungary, Belgium and Cyprus reporting the biggest declines.

In a historical perspective, the industrial production index values as of October show that all countries/areas in Europe reported numbers which are below the all-time high numbers (Max) with Romania delivering numbers close to its all-time high. Spain, Cyprus and Greece are the farthest from their all- time highs with the industrial production figures for Greece being a significant 29.5% below its all-time high. The euro area current index value of 93.12 is 13.5% below its all-time high and 2.5% below its average since 1999.


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