Euro zone industrial production much weaker than expected in July
2022.09.14 13:18
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© Reuters. FILE PHOTO: A steel worker of Germany’s industrial conglomerate ThyssenKrupp AG stands a mid of emitting sparks of raw iron from a blast furnace at Germany’s largest steel factory in Duisburg, Germany. Picture taken January, 28, 2019. REUTERS/Wolfgang
BRUSSELS (Reuters) – Euro zone industrial production was much weaker than expected in July, data showed on Wednesday, mainly because of a sharp drop in the output of capital goods that are used for to make finished products and reflect business investment.
The European Union’s statistics office Eurostat said industrial production in the 19 countries sharing the euro fell 2.3% month-on-month in July for a 2.4% year-on-year decline.
Economists polled by Reuters had expected a 1.0% monthly fall and a 0.4% year-on-year increase.
Eurostat data showed the output of capital goods, which typically include buildings, machinery, equipment and tools and are used to make final products, fell 4.2% month-on-month in July for a 5.4% year-on-year drop.
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