Eurozone industrial production falls faster than forecast

By Tuba Ongun

Industrial production in the euro area fell more than the market forecast in June on a monthly basis, according to data released on Wednesday.

Industrial output in the single-currency zone dropped 1.1% month-on-month in July, shifting from a downwardly revised hike of 0.4% in July, Eurostat data showed.

The market forecast was a 0.7% monthly decline for July.

The production of capital goods decreased by 2.7% and durable consumer goods by 2.2%, while the production of intermediate goods grew by 0.2%, non-durable consumer goods by 0.4% and energy by 1.6%.

In the EU, industrial production also slipped 1.1% in June.

Among member states with available data, the largest monthly declines were in Denmark (down 9.1%), Ireland (-6.6%) and Lithuania (-4.4%).

The largest rises were seen in Sweden (5.1%), Malta (3.4%) and Hungary (2.9%).

On an annual basis, industrial output dropped 2.2% in the euro area and 2.4% in the EU.

The eurozone/euro area, or EA19, represents member states that use the single currency – the euro – while the EU27 includes all member countries of the bloc.