Eurozone Industrial Production Fell More Than Expected In July
Volumes of industrial output in the Eurozone fell in July for a second consecutive month. The data could point to a possible slowdown of the bloc's economy in the third quarter. Eurostat will release its preliminary flash estimate of Eurozone's GDP growth in the third quarter on October 30.
The Eurostat reported, that Eurozone industrial production decreased by 0.8% in July compared to the previous month. Economists predicted a moderate drop of 0.5%. On an annual basis, industrial production fell by 0.1%, in contrast to the 2.3% growth in June and the expected 1% gain.
Both Germany and Italy recorded a 1.8% monthly drop in their July industrial production. Meanwhile, industrial output increased by 0.7% in France (the bloc's second largest economy). The output of non-durable consumer goods, such as clothing, fell by 1.3% mom in July. The output of capital goods, such as machinery, rose by 0.7% on the month.