Eurozone Industry August 2016


Eurozone: Industrial production rebounds in August

October 12, 2016

The industrial sector in the common-currency bloc grew in August after contracting in July. Industrial production expanded a seasonally-adjusted 1.6% over the previous month, contrasting July’s revised 0.7% fall (previously reported: -1.1% month-on-month). The reading broadly matched market analysts’ expectations of a 1.5% expansion and marked a seven-month high.

August’s result reflected expansions in the production of capital, intermediate and durable consumer goods. In addition, energy production increased, however, non-durable consumer goods contracted compared to the previous month. On an annual basis, industrial production rose 1.8% in August (July: -0.5% year-on-year).

Among the Euro area economies for which data are available, the largest growth rates in production were recorded in the Netherlands (+4.4% mom) and Germany (+3.1% mom). On the flipside, the largest drops were recorded in Ireland (-13.4% mom) and Finland (-3.5% mom). Regarding the rest of the region’s largest economies, output rose in France (+2.0% mom), Italy (+1.7% mom) and Spain (+1.8% mom).

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.3% in 2016, which is down 0.2 percentage points from last month’s forecast. For 2017, panelists see industrial production growth stable at 1.3%.

Author: Angela Bouzanis, Senior Economist

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Eurozone Industry Chart

Euro Industry by country August 2016

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

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