Industrial Output For Eurozone Rose as Expected in July

According to data, industrial output for the Eurozone rose as expected compared to the previous month in July thanks to increased production of capital goods and consumer durables, but it is still far below last year’s levels due to the Covid-19 pandemic.

The European Union statistics office Eurostat said industrial production in 19 countries that use the single currency rose 4.1% from the previous month, but down by 7.7% on an annual basis. Economists polled by Reuters had expected a monthly rise of 4% and an annual decline of 8.2%.

The production of investment goods increased by 5.3% on a monthly basis, and the production of consumer durables grew by 4.7%, but both of them remained much lower than last year’s levels at -10.4% and -3.8%, respectively, as the Eurozone economy suffers under the weight of a decline in economic activity. Caused by the Covid-19 pandemic.