Euro zone July industrial production drops more than expected

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BRUSSELS, Sept 13 (Reuters) – Euro zone industrial production dropped much more than expected in July, data showed on Wednesday, underlining downward revisions of economic growth for this year in European Commission forecasts.

The European Union’s statistics office Eurostat said industrial production in the 20 countries sharing the euro fell 1.1% month-on-month in July for a 2.2% year-on-year decline.

Economists polled by Reuters had expected a 0.7% monthly fall and a 0.3% year-on-year easing.

The weaker than expected numbers were a result of sharp declines in the output of capital goods and durable consumer goods month-on-month and durable consumer goods, energy and intermediate goods year on year.

The European Commission said on Monday consumer demand continued to be affected by high inflation while euro zone exports suffered from weaker external demand, notably from China.

Industrial production – monthly variation

% change compared with previous month (Calendar and seasonally adjusted)

Euro area
Total industry1.8-
Intermediate goods0.8-1.1-0.70.4-1.00.2
Capital goods1.8-15.415.31.1-0.3-2.7
Durable consumer goods-0.42.5-2.8-1.1-0.5-2.2
Non-durable consumer goods0.9-0.6-3.70.9-1.40.4
Total industry1.6-
Intermediate goods0.3-1.2-0.70.3-0.90.1
Capital goods1.7-12.912.51.1-0.3-2.4
Durable consumer goods-0.51.8-2.3-1.0-0.7-1.9
Non-durable consumer goods1.8-0.9-2.81.1-0.6-0.8

Industrial production – annual variation

% change compared with same month of the previous year (Calendar adjusted)

Euro area
Total industry1.7-1.5-0.1-2.4-1.1-2.2
Intermediate goods-5.1-4.6-6.2-5.6-6.3-5.0
Capital goods9.6-
Durable consumer goods-3.00.4-4.2-5.8-5.5-6.7
Non-durable consumer goods4.06.1-0.4-2.70.2-0.6
Total industry1.9-1.3-0.1-2.0-1.1-2.4
Intermediate goods-5.4-5.4-6.5-6.1-6.6-5.5
Capital goods9.
Durable consumer goods-4.8-2.2-5.7-7.0-6.7-7.3
Non-durable consumer goods6.66.51.1-

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