According to the report from the Eurostat, in June, eurozone industrial production fell by 0.1% after a 0.9% decline in May (revised from -0.6%). It was the second monthly drop in a row. Economists had expected growth of 0.5%. In annual terms, industrial production fell by 3.9%, accelerating compared to May (-3.3%, revised from -2.9%) and recording the strongest drop since February. Consensus estimates suggested a drop by 2.9%. Meanwhile, among the countries of the European Union, industrial production remained unchanged on a monthly basis and fell by 3.2% per annum.
Eurostat reported that the monthly change in the eurozone was caused by a drop in production of non-durable consumer goods (-2,5%). On the other hand, industrial production increased for intermediate goods (+0,7%), capital goods (+0,9%), energy (+1,9%) and durable consumer goods (+3,8%).
Meanwhile, the decline in industrial production in the eurozone compared to June 2023 was caused by a drop in production of intermediate goods (-1.5%), durable consumer goods (-2.1%) and capital goods (-7.8%). Production growth was recorded for non-durable consumer goods (+0.1%) and energy (+2.6%).
As for the EU countries, the largest annual decreases were recorded in Ireland (-17.4%), Croatia (-8.3%) and Latvia (-5.5%). The highest increases were observed in Greece (+9.5%), Cyprus (+8.8%) and Malta (+6.3%).