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Euro Area 18 – Industrial Production Index and Manufacturing PMI

by Eduardo Petazze
In the 1Q2014 eurozone manufacturing output grew by 2.92% Y/Y (+0.89% Q/Q)
In April 2014, manufacturing output (current composition of EA-18) grew by 0.63% M/M (+2.43% Y/Y)
Eurostat release the evolution of industrial production in the European Union and in the Euro Area
Links:
April 2014 - Industrial production: EA +0.8% M/M – EU28 +0.7% M/M – Pdf, 6 pages
March 2014 - Industrial production: EA -0.3% M/M - EU28 -0.2% M/M – pdf, 6 pages
The purpose of this is to present the evolution of Manufacturing Production in the Euro Area -18

Summary
2010=100
2011
2012
2013
2014
Own estimate
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Last data
Own estimate

Mfg Production - Own Estimate
Mfg Production - EuroStat Estimate
WDA
Y/Y
SA
M/M
WDA
Y/Y
SA
M/M
104.62
4.62% 104.70
4.70% 104.71
4.71% 104.78
4.78%
101.77 -2.73% 101.84 -2.73% 101.88 -2.70% 101.95 -2.70%
101.03 -0.72% 101.13 -0.70% 101.16 -0.71% 101.25 -0.69%
103.25
2.19% 103.25
2.09% 103.50
2.31% 103.50
2.22%
107.14
106.78
104.45
93.55
92.62
96.35
107.75
99.89
102.54
106.73
103.78
84.70
107.41
107.73
107.57
95.33
95.56
99.92
110.25
102.48
104.52
107.95
106.70
86.00
109.53

-2.72%
-3.58%
-4.37%
-2.77%
-2.77%
-2.32%
-3.05%
-0.88%
-2.12%
-0.01%
-2.05%
-1.52%
0.26%
0.89%
2.98%
1.90%
3.17%
3.71%
2.32%
2.59%
1.93%
1.15%
2.81%
1.52%
1.97%

101.17
100.43
99.63
100.57
99.86
100.04
100.41
101.00
100.53
101.63
100.69
101.58
101.43
101.26
102.49
102.63
102.90
103.36
102.61
103.34
102.35
102.72
103.35
103.51
103.38

-2.05%
-0.73%
-0.79%
0.94%
-0.71%
0.18%
0.37%
0.59%
-0.47%
1.10%
-0.93%
0.88%
-0.15%
-0.16%
1.21%
0.13%
0.27%
0.45%
-0.73%
0.71%
-0.95%
0.36%
0.61%
0.16%
-0.13%

107.29
106.88
104.50
93.81
92.72
96.41
107.95
100.09
102.54
106.91
103.78
84.90
107.55
107.84
107.63
95.55
95.57
99.93
110.25
102.52
104.71
108.35
106.91
86.41
109.96

-2.69%
-3.57%
-4.39%
-2.67%
-2.78%
-2.32%
-3.03%
-0.83%
-2.07%
0.01%
-2.05%
-1.57%
0.24%
0.90%
3.00%
1.85%
3.07%
3.65%
2.13%
2.43%
2.11%
1.34%
3.02%
1.78%
2.24%

101.29
100.53
99.74
100.70
99.97
100.15
100.53
101.14
100.66
101.77
100.82
101.71
101.53
101.37
102.61
102.73
103.06
103.49
102.88
103.53
102.58
102.96
103.60
103.78
103.66

-2.07%
-0.75%
-0.79%
0.96%
-0.72%
0.18%
0.38%
0.61%
-0.47%
1.10%
-0.93%
0.88%
-0.18%
-0.16%
1.22%
0.12%
0.32%
0.42%
-0.59%
0.63%
-0.92%
0.37%
0.62%
0.17%
-0.11%

Mfg
PMI
52.2
46.2
49.6

46.1
45.4
46.2
46.1
47.9
47.9
46.8
46.7
48.3
48.8
50.3
51.4
51.1
51.3
51.6
52.7
54.0
53.2
53.0
53.4
52.5

Manufacturing Production Index, Breakdown by country
Gross data adjusted by working days
2010=100 – WDA
Jan-14
Euro Area – 18
95.57
Belgium
99.47
Germany
101.00
Estonia
117.20
Ireland
98.52
Greece
75.64
Spain
87.80
France
96.00
Italy
86.30
Cyprus
61.95
Latvia
98.48
Luxembourg
95.51
Malta
85.96
Netherlands
100.20
Austria
96.70
Portugal
96.50
Slovenia
91.70
Slovakia
124.70
Finland
71.40
Euro area (Own estimate)
95.56
Own estimate based in official data
Own estimate
Y/Y
Jan-14
Euro Area – 18
3.07%
Belgium
3.93%
Germany
4.88%
Estonia
0.43%
Ireland
-2.25%
Greece
-0.04%
Spain
2.01%
France
1.16%
Italy
2.25%
Cyprus
-5.28%
Latvia
-3.10%
Luxembourg
5.36%
Malta
-17.08%
Netherlands
3.62%
Austria
5.80%
Portugal
2.66%
Slovenia
2.46%
Slovakia
10.26%
Finland
-8.58%
Euro area (Own estimate)
3.17%
Last data

Feb-14 Mar-14 Apr-14 May-14 Jun-14
Jul-14
99.93 110.25
102.52 104.71
108.35
106.91
102.68 113.39
103.96 107.13
113.45
100.34
106.00 118.50
108.70 107.07
112.82
112.36
116.20 137.10
132.90 140.93
135.14
119.73
100.88 116.42
116.60 112.83
116.36
99.18
82.83
86.39
86.99
88.61
94.22
93.20
91.40
97.29
92.12
99.36
99.14
99.59
97.60 108.20
102.70
97.97
109.44
102.26
93.20 100.20
91.20 101.90
97.63
105.82
66.62
69.22
69.27
73.27
72.32
76.56
100.04 116.08
127.58 124.62
131.50
131.48
100.52 107.88
99.60 100.47
100.70
102.70
91.71 107.60
91.21
92.61
92.49
90.71
101.60 107.80
100.40 102.48
106.14
99.05
102.00 114.30
107.91 109.15
113.05
110.62
98.40
97.80
101.10 106.90
106.41
106.79
93.70 108.40
99.20 102.45
104.75
98.24
127.90 135.90
135.20 149.81
139.73
125.41
76.10
98.00
86.20 102.04
93.51
85.70
99.92 110.25
102.48 104.52
107.95
106.70

Feb-14 Mar-14 Apr-14 May-14 Jun-14
Jul-14
3.65% 2.13%
2.43%
2.11%
1.34%
3.02%
8.94% -2.07%
2.02%
0.99%
1.27%
0.67%
4.54% 3.13%
2.35%
2.06%
1.18%
4.04%
3.47% 2.08%
5.81%
2.42%
3.08%
3.48%
2.40% 7.38% 16.63%
8.43%
2.43%
9.13%
3.04% -1.57% -3.24% -1.61% -3.05% -0.96%
3.92% 2.36%
5.48%
3.95%
2.59%
3.14%
1.77% 1.88%
0.10%
0.79%
0.77%
1.35%
1.86% 1.42%
2.13%
0.70% -0.38%
1.07%
-0.89% -2.58% -7.61% -5.24% -7.39% -7.00%
-0.22% 3.93%
5.64%
3.25%
1.88%
0.76%
11.06% 7.20%
5.46%
5.41%
6.11%
3.86%
-2.92% -2.32% -15.11% -11.63% -9.97% -6.58%
5.72% 1.22%
2.14%
2.27%
1.86%
1.69%
4.83% 0.97%
0.76%
1.63%
2.30%
1.67%
3.58% -2.78%
6.20%
3.78%
3.82%
4.18%
-0.95% 4.43%
1.22%
1.74%
0.91%
1.69%
11.41% 7.77%
6.79%
8.24%
9.08%
8.58%
-4.64% -2.49% -0.92% -2.82% -3.60% -3.81%
3.71% 2.32%
2.59%
1.93%
1.15%
2.81%

Seasonally adjusted data
2010=100 – SA
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Jul-14
Euro area (EuroStat)
103.06 103.49 102.88
103.53 102.58
102.96
103.60
Belgium
105.81 105.75 104.27
104.58 105.86
106.70
108.44
Germany
110.20 110.70 110.40
110.60 108.54
109.69
111.24
Estonia
129.90 129.20 131.20
131.30 131.43
130.87
130.34
Ireland
96.90 101.07 105.88
108.60 105.62
108.75
106.46
Greece
86.19
86.33
85.24
85.36
84.97
86.00
85.15
Spain
91.66
92.40
92.15
93.55
92.32
92.44
92.22
France
99.90 100.20
99.80
100.10 100.01
99.95
99.47
Italy
93.30
92.90
92.40
92.80
92.45
91.71
92.42
Cyprus
70.70
71.59
70.21
69.20
66.96
66.54
66.23
Latvia
114.98 118.73 121.73
124.59 123.64
124.20
126.18
Luxembourg
99.96 103.39
99.59
99.00
98.81
98.34
100.10
Malta
89.93
94.90
96.69
88.42
90.14
89.78
85.67
Netherlands
103.90 105.90 100.90
103.10 102.76
102.88
103.42
Austria
112.30 111.00 108.00
109.07 109.23
108.72
108.99
Portugal
98.30
98.90
93.70
102.20 101.47
100.82
99.93
Slovenia
98.90
98.30
99.80
99.30
98.58
98.81
98.52
Slovakia
132.10 133.20 133.30
133.80 134.58
135.34
138.14
Finland
92.40
93.50
94.70
94.10
93.43
92.06
93.90
Euro area (Own estimate)
102.90 103.36 102.61
103.34 102.35
102.72
103.35
Own estimate based in official data
Own estimate
M/M
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Jul-14
Euro area (EuroStat)
0.32% 0.42% -0.59%
0.63% -0.92%
0.37%
0.62%
Belgium
-0.55% -0.06% -1.40%
0.30%
1.22%
0.79%
1.63%
Germany
0.09% 0.45% -0.27%
0.18% -1.86%
1.06%
1.41%
Estonia
2.53% -0.54% 1.55%
0.08%
0.10% -0.42% -0.41%
Ireland
-0.09% 4.30% 4.76%
2.57% -2.74%
2.96% -2.10%
Greece
1.03% 0.16% -1.26%
0.14% -0.46%
1.21% -0.98%
Spain
0.79% 0.81% -0.27%
1.52% -1.31%
0.13% -0.25%
France
0.40% 0.30% -0.40%
0.30% -0.09% -0.05% -0.48%
Italy
1.74% -0.43% -0.54%
0.43% -0.38% -0.80%
0.77%
Cyprus
1.54% 1.26% -1.93% -1.45% -3.23% -0.63% -0.46%
Latvia
-9.54% 3.26% 2.53%
2.35% -0.76%
0.45%
1.59%
Luxembourg
-5.02% 3.43% -3.68% -0.60% -0.18% -0.48%
1.78%
Malta
-4.22% 5.53% 1.89% -8.55%
1.94% -0.39% -4.58%
Netherlands
-1.98% 1.92% -4.72%
2.18% -0.33%
0.12%
0.52%
Austria
3.60% -1.16% -2.70%
0.99%
0.15% -0.47%
0.25%
Portugal
-1.60% 0.61% -5.26%
9.07% -0.71% -0.64% -0.89%
Slovenia
-0.30% -0.61% 1.53% -0.50% -0.72%
0.24% -0.30%
Slovakia
0.15% 0.83% 0.08%
0.38%
0.59%
0.56%
2.07%
Finland
-4.45% 1.19% 1.28% -0.63% -0.72% -1.46%
2.00%
Euro area (Own estimate)
0.27% 0.45% -0.73%
0.71% -0.95%
0.36%
0.61%
Last data
Also see:
Eurozone industry grows twice as fast as expected in April
Markit Eurozone Retail PMI
ECB takes out a policy ‘shotgun’ to kill deflation
Markit Eurozone Composite PMI
Markit Eurozone Manufacturing PMI
Euro Area (EA17) – Manufacturing Production Index and the PMI