Eurozone Industrial Output Rises Less Than Expected


Industrial production in the Euro Area increased by 3.2 percent year-on-year in July 2017, missing market expectations of 3.4 percent and following an upwardly revised 2.8 percent gain in June. Output rose at a faster pace for intermediate, capital and durable consumer goods.

Year-on-year, production grew at a faster pace for most categories: Durable consumer goods (5.7 percent from 3.9 percent in June); capital goods (4.3 percent from 1.5 percent); and intermediate goods (4.8 percent from 4.2 percent). Meanwhile, energy production went up 1.2 percent after an increase of 4.7 percent in June, and output of non-durable consumer goods contracted 0.5 percent, following a gain of 1 percent in the previous month.

In the EU28, industrial output advanced by 3.1 percent, the same pace as in the previous month, driven by higher production of durable consumer goods (5 percent from 4.1 percent in June); capital goods (4.6 percent from 2.4 percent); and intermediate goods (4.8 percent from 4.2 percent). On the other hand, energy output rose at softer rate (0.1 percent from 3.7 percent in June) and production of non-durable consumer goods shrank (-0.4 percent from 1.5 percent).

Among EU Member States for which data are available, the highest increases in industrial production were registered in Slovakia (9.2 percent), Latvia (8.9 percent) and Romania (7.6 percent). Also, output grew in Germany (3.9 percent), France (3.6 percent), Italy (4.4 percent) and Spain (1.9 percent). In contrast, decreases were observed in Ireland (-9.2 percent), Denmark (-3.1 percent) and Malta (-1.7 percent).

On a monthly basis, industrial output increased 0.1 percent, in line with market expectations, due to stronger production of capital goods (0.8 percent), durable consumer goods (0.7 percent) and intermediate goods (0.5 percent). By contrast, energy output fell 1.2 percent and production of non-durable consumer goods declined 0.4 percent.

In the EU28, output fell 0.3 percent, due to production of energy falling by 1.1 percent and non-durable consumer goods
by 0.6 percent, while production of durable consumer goods rose by 0.2 percent and that of both intermediate goods and
capital goods by 0.4 percent.

Among EU Member States for which data are available, the largest decreases in industrial production were registered in the Czech Republic (-9.8 percent), Hungary (-4.1 percent), Malta and Slovakia (both -3.3 percent). Also, output fell in Germany (-0.1 percent) and Spain (-0.4 percent). The highest increases were recorded in Portugal (1.9 percent), Ireland (1.8 percent) and France (0.6 percent).

Eurozone Industrial Output Rises Less Than Expected


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/13/2017 9:27:12 AM