Eurozone Industry May 2017

Eurozone

Eurozone: Industrial production drops in June

July 12, 2017

The industrial sector in the common-currency bloc lost steam in June. Industrial production decreased a seasonally-adjusted 0.6% from the previous month, contrasting May’s revised 1.2% increase (previously reported: +1.3% month-on-month). The reading marked the worst result since December 2016.

June’s downturn reflected a sharp drop in capital goods production. In addition, output of consumer goods and intermediate goods also contracted. On an annual basis, industrial production expanded 2.6% (May: +3.9% year-on-year).

Among the Euro area economies for which data are available, the largest decreases were registered in Ireland (-7.5% mom) and Malta (-3.2% mom). On the flipside, the largest expansion was recorded in Luxembourg (+3.4% mom). Regarding the largest economies, output fell in in France (-1.2% mom) and Germany (-1.1% mom). However, industrial production was flat in Spain and rose in Italy (+1.1% mom).

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.1% in 2017, which is unchanged from last month’s forecast. For 2018, panelists see industrial production growth at 2.0%.


Author: Angela Bouzanis, Senior Economist

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