Business

Euro area industrial output bounces back in August

Following contraction month earlier, industrial output rises in August on monthly basis, official data shows

Euro area industrial production bounced back on a monthly basis in August, better than market forecast, according to the Eurostat data released on Wednesday.

Industrial output in the single currency zone grew 1.5% month-on-month in August, following a 2.3% contraction in July, the Eurostat data showed.

The market forecast was a 0.6% monthly rise for August.

The production of capital goods climbed 2.8%, durable consumer goods by 0.9%, and non-durable goods by 0.7% from a month earlier in August.

Meanwhile, intermediate goods fell by 0.5% and energy by 2.1% in the same period.

In the EU, industrial production increased 1.1% in August, after falling 1.5% the previous month.

Among member states for which data are available, the highest monthly hikes were seen in Ireland with 16.6%, Estonia with 5.0%, and Denmark with 4.3%.

The largest monthly falls were posted in Sweden with 7.0%, Belgium with 6.1%,and the Netherlands with 1.5%.

On an annual basis, industrial production hiked 2.5% in the euro area and 3.5% in the EU27 from August 2021.

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.

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