Following growth in last 3-months, July figure marks largest fall since August 2021, official data shows
Euro area industrial production declined 2.3% in July from a month ago, disappointing markets, the EU’s statistical office revealed on Wednesday.
The figure, following a revised 1.1% growth in June, fell for the first time in four months. It was the largest fall since August 2021.
The market consensus was a 1% decrease for the month.
In the EU, industrial production shrank 1.6% in July, after growing 1% the previous month, according to Eurostat data.
Production of capital goods decreased by 4.3%, durable consumer goods by 1.6%, and intermediate goods by 0.8% month-on-month in July.
On the other hand, production of energy and non-durable consumer goods rose 0.4% and 1.2%, respectively in the same period.
On an annual basis, industrial production contracted 2.4% in the euro area and 0.8% in the EU.
The highest annual increases were registered in Bulgaria (up 17.6%),Denmark (up 12.0%), and Poland (up 10.3%).
The largest annual declines in industrial output were seen in Ireland (down 23.7%), Estonia and Slovakia (both down 6.4%), and Belgium (down 5.1%).
The eurozone/euro area, or EA19, represents member states that use the single currency – euro – while the EU27 includes all member countries of the bloc.