Eurozone industrial production up 0.1% in July, in line with estimates
(ShareCast News) - Eurozone industrial production rose a little in July following a drop the month before as a jump in the production of capital and consumer goods offset a decline in energy, according to data released by Eurostat on Wednesday.
Industrial production was up 0.1%, in line with estimates and compared to a 0.6% decline in June.
The production of capital goods rose by 0.8%, durable consumer goods by 0.7% and intermediate goods by 0.5%. Meanwhile, production of non-durable consumer goods fell by 0.4% and energy by 1.2%.
Compared with July 2016, industrial production in the eurozone was up 3.2%, missing expectations for a 3.4% gain.
The production of durable consumer goods rose by 5.7%, intermediate goods by 4.8%, capital goods by 4.3% and energy by 1.2%, while production of non-durable consumer goods fell by 0.5%.
In the EU-28 group of nations, industrial production was down by 0.3% on the month and up 3.1% on the year.
Pantheon Macroeconomics said: "Stronger production in France and Italy offset small declines in Spain and Germany. Base effects are challenging for the quarter-on-quarter rate in Q3, but survey data suggest that year-over-year growth is accelerating, and we are confident that manufacturing will support GDP growth in Q3."