Industrial production in Eurozone declines 0.1 percent in June

(MENAFN) In June, industrial production in the Eurozone unexpectedly declined compared to the previous month, as revealed by data published on Wednesday. According to Eurostat, industrial output in the euro area dropped by 0.1 percent on a monthly basis, which, although an improvement from the 0.9 percent decrease recorded in May, was contrary to market expectations of a 0.4 percent rise for the month.

In contrast to the Eurozone's decline, industrial production across the European Union (EU) remained stable in June, reflecting a divergence in performance within the bloc. The data showed that among the EU member states for which information is available, Ireland experienced the steepest monthly drop in industrial production, with a significant decline of 7.8 percent. Other notable decreases were observed in Belgium, which saw a 6.5 percent fall, and in both Croatia and Portugal, where production decreased by 3.7 percent. Conversely, the highest increases in industrial output were reported in Romania, Finland, and Slovakia, with rises of 4.0 percent, 3.6 percent, and 2.1 percent, respectively.

When viewed on an annual basis, the decline in industrial production was even more pronounced. The euro area saw a year-on-year decrease of 3.9 percent, while the EU experienced a 3.2 percent drop. These figures underscore the ongoing challenges faced by the industrial sector in both regions, as they continue to grapple with economic pressures.

The Eurozone, or euro area (EA19), consists of the 19 EU member states that have adopted the euro as their single currency. In contrast, the EU27 includes all 27 member countries of the European Union, reflecting a broader and more diverse economic landscape across the continent.

MENAFN14082024000045015839ID1108554365