Eurozone Production Stronger Than Expected in July

Eurozone industrial production rose 1.5% more than expected in July, according to data released Wednesday, September 15th, thanks to higher production of capital goods and consumer non-durable goods.

The European statistics office Eurostat reported that industrial production in the 19 countries dealing in the euro currency rose 1.5% on a monthly basis in July, and by 7.7% on an annual basis.

Economists polled by Reuters had expected a monthly increase of 0.6% and an annual increase of 6.3%.

Capital goods production jumped 2.7 percent month-on-month in July after falling 1.1 percent in June, registering a 5.9 percent increase from the same month a year earlier.

Production of non-durable consumer goods increased 3.5% on a monthly basis and 10.1% annually.

Compared to last year, the production of intermediate goods increased by 11.2 percent and durable consumer goods by 9.8 percent.

The data beat expectations at the start of the third quarter after the eurozone economy grew 2.2% in the second quarter as coronavirus restrictions eased to catalyze a recovery from a short recession.