Industry in Eurozone

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Eurozone - Industry

Industrial output contracts in July

Industrial output dropped in July, falling a seasonally-adjusted 0.8% over the previous month. The result was in line with June’s revised 0.8% decrease (previously reported: -0.7% month-on-month). July’s fall was worse than the 0.5% decrease expected by market analysts and marked another weak print for the Eurozone economy, which has experienced a raft of soft economic data in recent months. The downturn came on the back of contractions in the production of durable, non-durable and intermediate goods.

On an annual basis, industrial production contracted for the first time in a year and a half, falling 0.1% in July and contrasting June’s 2.3% reading. Meanwhile, annual average industrial production growth fell to 3.1% from 3.4%.

Among the Euro area economies for which data is available, Malta saw the largest drop in industrial output in July, contracting 6.3% over the previous month. Conversely, Ireland and Latvia recorded the largest expansions, growing at 2.8% and 1.8% respectively. Meanwhile, industrial output fell 1.8% in both Germany and Italy, fell 0.3% in Spain, but rose 0.7% in France.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.3% in 2018, which is unchanged from last month’s forecast. For 2019, panelists see industrial production growth at 2.1%.

Eurozone - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)-0.8  1.1  2.6  1.6  3.0  

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Eurozone Industry Chart

Euro Industry
Note: Annual variation of industrial production in %.
Source: Eurostat and FocusEconomics calculations.

Eurozone Facts

Exchange Rate1.150.65 %Oct 18
Stock Market1,114-0.52 %Oct 18

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