According to the report from the Eurostat, in August, eurozone industrial production rose by 1.8%, recording the largest increase since February 2023, and exceeding economists' forecasts (+1.7%). Meanwhile, the July figure was revised to -0.5% from -0.3%. In annual terms, industrial production increased by 0.1% after falling by 2.1% in July (revised from -2.2%). Consensus estimates suggested a drop by 1.0%. Meanwhile, among the countries of the European Union, industrial production increased by 1.3% on a monthly basis and by 0.2% per annum.
Eurostat reported that the monthly change in the eurozone was caused by a rise in production of non-durable consumer goods (+0.2%), energy (+0.4%), durable consumer goods (+1.7%) and capital goods (+3.7%). On the other hand, industrial production decreased by 0.3% for intermediate goods.
Meanwhile, the decline in industrial production in the eurozone compared to August 2023 was caused by a drop in production of intermediate goods (-2.7%) and durable consumer goods (-4.8%). Production growth was recorded for capital goods (+0.2%), non-durable consumer goods (+2.0%) and energy (+2.6%).
As for the EU countries, the highest annual increases were recorded in Ireland (+15.8%), Denmark (+10.7%) and Slovenia (+7.2%). The largest decreases were observed in Luxembourg (-11.7%), Estonia (-6.0%) and Hungary (-4.2%).