Euro Area: Industrial activity deteriorates in July

Euro Area Industrial production July 2023

Euro Area: Industrial activity deteriorates in July

Industrial output decreased 1.1% in month-on-month seasonally-adjusted terms in July, which contrasted June’s 0.4% increase. July’s reading was largely driven by a sharper fall in capital and durable consumer goods output. On the flipside, intermediate and non-durable consumer goods output rebounded, while energy production growth gained pace.

Looking at individual countries for which data is available, industrial output decreased in ten countries and rose in nine. Focusing on the largest economies, industrial output fell in Germany and Italy, while it rose in France, Spain and the Netherlands.

On an annual basis, factory output fell at a sharper rate of 2.2% in July (June: -1.1% yoy). Accordingly, annual average industrial production growth fell to 1.0% in July (June: +1.1%), signaling a worsening trend in the industrial sector.

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