Euro area industrial output back on rise in July

ISTANBUL

Industrial production in the euro area rose 0.3% on a monthly basis in July, reversing the previous month's sharp decline, according to data released Tuesday by Eurostat.

Economists had forecast a 0.4% monthly increase for the month, while the data followed an upwardly revised 0.6% decline in June.

Among the euro area’s five industrial subcategories, production of non-durable consumer goods saw the largest rise, up 1.5%. Other sectors also posted expansions: capital goods rose 1.3%, durable consumer goods 1.1%, and intermediate goods 0.5%.

On the other hand, the production of energy goods dropped 2.9% in July.

Across the broader EU27, industrial output increased 0.2% in July from the previous month.

The largest monthly increases were seen in Croatia (+2.6%), Hungary and Slovenia (both up 2.1%), and Germany, Latvia, and Poland (each up 1.5%). The highest declines were in Estonia (-5.5%), Malta (-4.7%), and Sweden (-3.9%).

On an annual basis, industrial production in the eurozone and the EU rose 1.8% in July.

In the eurozone, non-durable consumer goods showed the strongest annual growth at 6.6%, while durable intermediate goods registered a 0.9% decline.

The highest annual increases were seen in Latvia (+9.8%), Ireland (+8.1%), and Malta (+4%). The largest decreases were in Bulgaria (-8.3%), Luxembourg (-4.7%), and Slovakia (-4.6%).

The eurozone, or EA20, represents member states that use the bloc’s single currency, the euro, while the EU27 includes all member countries.