Euro Area: Industrial production eases in July

Euro Area Industry July 2020

Euro Area: Industrial production eases in July

Industrial output expanded a seasonally-adjusted 4.1% over the previous month in July, following June’s stronger 9.5% increase.

July’s easing reflected a broad-based moderation in output across the major categories, with production of capital and non-durable and durable consumer goods slowing the most. Meanwhile, the production of energy and of intermediate goods slowed to a lesser extent.

Looking at the individual economies for which data is available, industrial production expanded in 14 countries, while it dropped in two countries. Heavyweights Germany, France, Italy and Spain recorded significant increases again, though production eased in all of them. At the same time, output dropped in Belgium and Latvia.

On an annual basis, industrial production fell 7.7% in July, following June’s 12.0% plunge. Lastly, annual average variation in industrial production fell to minus 8.0% from June’s minus 7.5%.

Commenting on the release, Bert Colijn, Eurozone senior economist at ING, stated:

“While domestic demand strength at the start of the lockdown recovery has been promising, worries about the export environment and increasing unemployment mean that the outlook for industrial recovery continues to be rather uncertain for the months ahead.”

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