Economic Indicators

Euro industrial output up in August, but sharply down year-on-year


FILE PHOTO: A worker stands next to a machine cutting newly manufactured bars of steel at the United Cast Bar Group’s foundry in Chesterfield, Britain, April 12, 2022. Picture taken April 12, 2022. REUTERS/Phil Noble/File photo

 

BRUSSELS (Reuters) – Euro zone industrial production rose by more than expected in August, data showed on Friday, as factories made more consumer goods although overall output was down by more than 5% from a year earlier.

The European Union’s statistics office Eurostat said industrial production in the 20 countries sharing the euro rose by 0.6% month-on-month in August for a 5.1% year-on-year decline.

Economists polled by Reuters had expected a 0.1% monthly increase and a 3.5% decline from a year earlier.

The stronger than expected month-on-month numbers resulted from a 1.2% rebound in production of durable consumer goods, such as televisions or fridges, after a similar-sized decline in July.

Output of non-durable consumer goods, such as food or clothing, rose by 0.5% for a second consecutive month. Capital goods output ticked up by 0.3% after a sharp fall in July. Production of energy and intermediate goods, such as steel or glass, declined.

Compared with a year earlier, all types of production were some 5-7% lower, except for non-durable consumer goods, whose decline was 1.4%.

The earlier this week to 0.7% in 2023 and 1.2% in 2024, from July forecasts of 0.9% and 1.5%. expressing concerns about geopolitical fragmentation and a resurgence of inflation.

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