Eurozone: Industrial production improves in July
September 12, 2012
In July, industrial production rose 0.5% over the previous month in seasonally adjusted terms. The result contrasted the 0.6% drop recorded in June and came in above market expectations of a 0.1% rise. At a country level, Greece (+1.8% month-on-month), Slovakia and Portugal (both +1.5% mom) were the region's top performers whereas, at the other end of the spectrum, Slovenia (-2.3% mom) and Netherlands (-0.8% mom) recorded the worst results. Among the major economies, industrial output expanded in Germany (+1.3% mom) and France (+0.3% mom), while it contracted in Italy and Spain (both -0.2% mom). On an annual basis, industrial production declined 2.4%, which was down from the 2.0% contraction registered in June. As a result of the subdued reading, the trend continued to deteriorate, with annual average growth in industrial production falling from a 0.1% drop in June to a 0.7% contraction in July, which represents the worst result in more than two years.