Industrial growth flattened in January

According to the preliminary data, industrial production eased by 0.2% in January year-on-year, w160317_Ipar_ENhich is a novel phenomenon: the last January y-o-y drop occurred in August 2013. However, the calendar adjusted output – a better indicator of underlying trends – grew by 2.2%, still below expectations. As opposed to the previous two years, the seasonally and calendar adjusted output minimally decreased against the previous month in January.

Since neither new numbers regarding the stock of orders, nor recent business surveys suggest a sharp downturn in industry, it can be assumed for now that the disappointing January data is mostly a temporary glitch.