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

2023-10-13 17:23
BRUSSELS Euro zone industrial production rose by more than expected in August, data showed on Friday, as factories
Euro industrial output up in August, but sharply down year-on-year

BRUSSELS 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.

For Eurostat release, click on:

(Reporting by Philip Blenkinsop)