Eurozone industrial production falls more than expected

(Sharecast News) - Industrial output across the eurozone dropped more than expected in June, completely reversing the increase registered the month before, according to data out on Thursday from Eurostat. Seasonally adjusted industrial production decreased 1.3% over the month of June, following a 1.1% increase the month before.

This was worse than the 1% decline expected by economists.

Energy production was the only component of the data to show an monthly increase at 2.9%, as production decreased for intermediate goods (-0.2%), capital goods (-2.2%), durable consumer goods (-0.6%) and non-durable consumer goods (-4.7%).

The largest monthly falls were recorded in Ireland (-11.3%), Portugal (-3.6%) and Lithuania (-2.8%), while the strongest growth was seen in Belgium (+5.1%), France (+3.8%) and Greece (+3.3%).

That meant that industrial production for the whole eurozone was just 0.2% ahead of June 2024, a big slowdown from the 3.1% annual growth registered in May and well below the 1.7% year-on-year increase pencilled in by analysts.