Industrial production in Eurozone drops 2 percent in September, more than estimates

(MENAFN) Industrial production in the Eurozone dropped by 2 percent in September compared to the previous month, exceeding market expectations of a 1.3 percent decline, according to Eurostat's first estimates released Thursday. This marked the sharpest drop in production since January, with energy and capital goods experiencing significant declines of 1.5 percent and 3.8 percent, respectively. The reduction in industrial output indicates challenges in these sectors, particularly in energy production and investment goods.

Despite the overall decrease, production for certain goods showed positive results. Output for intermediate goods remained stable, while production of durable consumer goods increased by 0.5 percent. Non-durable consumer goods saw a more substantial rise, up by 1.6 percent, signaling resilience in consumer-facing industries despite the broader downturn in industrial output.

On an annual basis, industrial production in the Eurozone decreased by 2.8 percent in September, following a smaller decline of 0.1 percent in August. This continued contraction reflects ongoing challenges in the industrial sector, which have been exacerbated by the volatile economic environment in the region.

These figures underscore the ongoing pressure faced by Eurozone industries, with weaker demand for energy and investment goods contributing significantly to the decline. However, the resilience in consumer goods production offers some optimism for certain segments of the economy.

MENAFN17112024000045015839ID1108893948