Eurozone Industry


Eurozone industrial output falls in August

Signs of Chinese deceleration likely affected industrial production in key manufacturing powerhouses in the Eurozone, particularly in Germany. According to Eurostat, industrial output contracted a seasonally-adjusted 0.5% in August over the previous month. August’s result, which contrasted the 0.6% increase observed in July, matched market expectations. On an annual basis, industrial output decelerated sharply from a 1.9% increase in July to a 0.9% expansion in August, which represented a four-month low.

In a statement, Eurostat said that the monthly decrease reflected a contraction in energy production (-3.0% month-on-month), a decrease in output of capital goods (-1.0% mom) as well as of durable goods (-0.1% mom).

Among the Euro area economies, for which data are available, the drop was driven by contractions in Lithuania (-3.5% mom), Slovakia (-1.6% mom), and the Netherlands (-1.5% mom). Conversely, industrial production increased in Greece, Estonia and Malta.

Among the region’s major economies, industrial production contracted 1.1% in Germany, fell 0.5% in Italy and plunged 1.3% in Spain. In France, industrial output rebounded over the previous month and expanded 1.6% over the previous month.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.8% in 2015, which is up 0.3 percentage points from last month’s forecast. For 2016, panelists see industrial production growing 2.5%.

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Eurozone Industry Chart

Euro Industry by country August 2015

Note: Month-on-month var. of seasonally-adjusted industrial production and annual average growth rate in %. Data for Austria, Belgium and Cyprus refer to July.
Source: Eurostat

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