Eurozone: Industrial output slumps in July
September 12, 2013
In July, industrial production contracted a seasonally-adjusted 1.5% over the previous month, according to data released by Eurostat on 12 September. The reading contrasted both the revised 0.6% expansion recorded in June (previously reported: +0.7% month-on-month) and the 0.1% increase the market had expected.
At a country level, Ireland (-8.7% mom) and Malta (-6.7% mom) were the region's worst performers. At the other end of the spectrum, Estonia (+2.1% mom) and Finland (+2.0% mom) recorded the best results. Among the four major economies, industrial output only expanded in Spain (+0.1% mom), while it contracted in Germany (-2.3% mom), Italy (-1.1% mom) and in France (-0.6% mom).
On an annual basis, industrial production dropped 2.1%, which was worse than the 0.4% contraction registered in June. Meanwhile, average annual growth in industrial production inched up from minus 2.2% in June to minus 2.1% in July.
FocusEconomics Consensus Forecast panelists see industrial production contracting 0.6% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, panelists see industrial production rebounding to a 2.1% expansion.
Author: Armando Ciccarelli, Head of Data Solutions