Eurozone Industry July 2016


Industrial production contracts in July

The industrial sector in the common-currency bloc contracted in July after growing in June. Industrial production declined a seasonally-adjusted 1.1% over the previous month, contrasting June’s revised 0.8% rise (previously reported: +0.6% month-on-month). The reading undershot market analysts’ expectations of a 0.8% fall.

July’s result reflected contractions in the production of capital and intermediate and durable consumer goods. In addition, energy production declined, while non-durable consumer goods were flat compared to the previous month. On an annual basis, industrial production fell 0.5% in July (June: +0.7% year-on-year).

Among the Euro area economies for which data are available, the largest growth rates in production were recorded in Estonia (+4.5% mom) and Ireland (+3.7% mom). On the flipside, the largest drops were recorded in Slovakia (-15.9% mom), the Netherlands (-5.8% mom) and Germany (-1.9% mom). Regarding the rest of the region’s largest economies, output dropped in France (-0.6% mom) and Spain (-0.1%), but rose in Italy (+0.4% mom).

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.5% in 2016, which is down 0.2 percentage points from last month’s forecast. For 2017, panelists see industrial production growing 1.4%.

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Eurozone Industry Chart

Euro Industry by country July 2016

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

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