European industrial production sees unexpected fall for July
Figures from Eurostat show an unexpected dip in industrial production for the eurozone. Whilst June saw an up of 0.6 per cent, July has come in down -1.5 per cent – analysts consensus had predicted a fall of just 0.1 per cent.
A surprisingly large decline in industrial production in July for #eurozone, -1.5%. Back to lowest level of output since 2010!
— Bert Colijn (@BertColijn) September 12, 2013
Ben May, European economist, Capital Economics:
July’s large fall in euro-zone industrial production puts a dent in hopes of a further pick-up in GDP growth in Q3… July’s fall means that, even if production posted monthly rise of around 1% in August and September, it would still roughly stagnate in Q3 as a whole, after rising by a downwardly revised 0.6% in Q2. But such a rebound is by no means guaranteed.
The numbers provide an early indication that the euro-zone economy is unlikely to have gathered more momentum in Q3 and may even have lost some steam.