Eurozone: Industrial production rebounds in July
September 12, 2014
In July, industrial production grew a seasonally-adjusted 1.0% over the previous month, according to data released by Eurostat on 12 September. The expansion—which contrasted a 0.3% contraction in June—exceeded the 0.7% increase market analysts had expected. With July’s result, the industrial sector started the third quarter on positive footing, as the result marks the first expansion following two consecutive contractions.
At a country level, Ireland (+11.3% month-on-month) and Estonia (+2.8% mom) were the region’s top performers. At the other end of the spectrum, Malta (-4.2% mom) and Greece (-1.7% mom) recorded the worst results. In the four major regional economies, output expanded in Germany (+1.9% mom) and France (+0.2% mom), whereas it was stable in Spain (+0.0% mom). Industrial production contracted in Italy (-1.0% mom).
On an annual basis, industrial production expanded 2.2%, which was up from the 0.2% expansion recorded in June and marked the strongest growth since November last year. Meanwhile, annual average growth in industrial production rose 1.0% in July, which was up from the 0.7% expansion recorded in the previous month.
Author: Armando Ciccarelli, Head of Data Solutions