Eurozone Industrial Output Recovers In August
2024-10-10
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(fxcue news) - Eurozone industrial production recovered in August largely due to the rebound in capital goods and durable consumer goods output, data from Eurostat showed on Tuesday.
Industrial output posted a monthly growth of 1.8 percent in August, reversing July's 0.5 percent decline. The growth came in line with expectations.
Despite the strongest rise in industrial output in over a year, it is probably not the start of a sustained recovery, Capital Economics' economist Elias Hilmer said.
Production is more likely to drop back over the rest of the year, the economist added.
ING economist Bert Colijn said it looks like improvements in the inventory cycle will be more of a story for next year. "For the manufacturing sector, this means that we don't expect a sustained recovery to start before 2025," said Colijn.
Production of capital goods advanced 3.7 percent, offsetting the 1.3 percent drop a month ago. At the same time, durable consumer goods output moved up 1.7 percent after a 3.1 percent fall.
Likewise, energy production gained 0.4 percent, in contrast to the 0.2 percent fall in July. The decline in intermediate goods output slowed to 0.3 percent from 1.3 percent.
Meanwhile, growth in non-durable consumer goods output softened to 0.2 percent from 1.8 percent.
On a yearly basis, euro area industrial output unexpectedly rose 0.1 percent, following a 2.1 percent fall in July. Economists had forecast a monthly decline of 1.2 percent.
Industrial production in the EU27 gained 1.3 percent on month in August and climbed 0.2 percent from the same period last year.
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