Eurozone Industry August 2019

Eurozone

Eurozone: Industrial output rebounds in August

October 14, 2019

Industrial output returned to growth in August, contrasting two months of contractions. Industrial production rose a seasonally-adjusted 0.4% over the previous month, contrasting July’s 0.4% decrease. August’s result overshot market expectations of a 0.3% increase.

A rebound in production of intermediate goods production and an improvement in non-durable consumer goods output helped drive August’s turnaround. Meanwhile, capital goods production also grew solidly in the month, while energy output contracted.

Looking at the individual economies for which data is available, 8 economies saw industrial production expand in August, including Germany, Italy and Spain.

On an annual basis, industrial production plunged 2.8% in August, the worst reading since December 2018 (July: -2.1% year-on-year). Accordingly, annual average variation in industrial production slumped to minus 1.3%, the worst reading since October 2013 (July: -1.0%).

FocusEconomics Consensus Forecast panelists see industrial production dropping 0.4% in 2019, which is unchanged from last month’s forecast. For 2020, panelists see industrial production growth at 0.8%.


Author: Angela Bouzanis, Lead Economist

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Eurozone Industry Chart


Euro Area Industry by country August 2019

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


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