According to the report from the Eurostat, in July, eurozone industrial production fell by 0.3%, as expected, after remaining unchanged in June (revised from -0.1%). In annual terms, industrial production fell by 2.2%, slowing compared to June (-4.1%, revised from -3.9%). Consensus estimates suggested a drop by 2.7%. Meanwhile, among the countries of the European Union, industrial production fell by 0.1% on a monthly basis and by 1.7% per annum.
Eurostat reported that the monthly change in the eurozone was caused by a drop in production of intermediate goods (-1.3%), capital goods (-1.6%) and durable consumer goods (-2.8%). On the other hand, industrial production increased for energy (+0.3%) and non-durable consumer goods (+1.8%).
Meanwhile, the decline in industrial production in the eurozone compared to July 2023 was caused by a drop in production of intermediate goods (-2.9%), capital goods (-5.3%) and durable consumer goods (-4.4%). Production growth was recorded for energy (+1.7%) and non-durable consumer goods (+2.2%).
As for the EU countries, the largest annual decreases were recorded in Hungary (-6.4%), Estonia (-5.8%) and Germany (-5.5%). The highest increases were observed in Denmark (+19.8%), Greece (+10.8%) and Finland (+6.4%).