Industrial Production In The Eurozone In July 2020 Increased By 4.1% To June, Better Than Forecast
Industrial output in the Eurozone rose 4.1% month-on-month in July, while it fell 7.7% year-on-year, the European Statistical Agency Eurostat reported.
Analysts polled by Reuters believed that the indicator grew by 4% on a monthly basis and decreased by 8.2% on an annual basis.
In the EU, industrial output also rose 4.1% month-on-month in July and fell 7.3% year-on-year.
At the same time, the production of durable goods in July in the Euro area increased by 4.7% in the EU – by 4.8% compared to June. The output of short-term consumer goods in the Euro area increased by 3.9%, in the EU-by 2.8%.
Production in the fuel and energy sector of the Eurozone in July in monthly terms rose by 1.1%, in the EU-by 1.3%. The output of intermediate goods in the Euro area increased by 4.2%, in the EU-by 3.9%.
The strongest growth in industrial production in July to June was recorded in Portugal (+11.9%), Spain (+9.4%), and Ireland (+8.3%). The largest monthly decline in industrial production was recorded in Denmark (-4.9%), Latvia (-0.8%), and Belgium (-0.5%).
In July 2020, a month marked by some relaxation of COVID-19 containment measures in many Member States, the seasonally adjusted industrial production rose by 4.1% in both the euro area and EU, compared with June 2020, according to estimates from Eurostat, the statistical office of the European Union.
In June 2020, industrial production rose by 9.5% in the euro area and by 9.6% in the EU. In July 2020 compared with July 2019, industrial production decreased by 7.7% in the euro area and by 7.3% in the EU.