Eurozone industrial output falls for the first time since February

According to the data from Eurostat, seasonally adjusted industrial output in the Eurozone fell by 0.6% on the month in June following a revised rise of 1.2% in May. This has marked the first fall since February, when Eurozone’s output fell by 0.2%. Economists’ forecasts were calling for a fall of 0.5% in June.

However, industrial production growth eased more than expected on a yearly basis by growing only 2.6% compared to May’s reading of 3.9%, whereas it was expected to ease to 2.8%.

The monthly fall in June was mainly driven by a decrease of 1.9% in production of capital goods, of 1.2% in durable consumer goods, of 0.4% in non-durable consumer goods, of 0.3% in intermediate goods. Energy production, meanwhile, grew 1.8% on a monthly basis.

Among member states, the largest monthly decreases in industrial production were registered in Ireland (-7.5%), the Czech Republic (-3.8%) and Malta (-3.2%) while Luxemburg’s industrial output was the highest at 3.4%, which was followed by Estonia, Croatia and the Netherlands with 1.2% growth for each.

Germany’s industrial output also fell by 1.1% on a monthly basis in June, however it increased 2.1% on an annualized basis.