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Financial News: Eurozone Industrial Output Rises Most In 9 Months

Eurozone Industrial Output Rises Most In 9 Months

10/12/2017 - 08:26:00 (RTTNews)

(RTTNews) - Eurozone industrial output expanded at the fastest pace in nine months in August, largely driven by production of capital goods.

Industrial production grew by a more-than-expected 1.4 percent month-on-month in August, faster than the 0.3 percent rise seen in July, data from Eurostat showed Thursday.

This was the biggest increase since November 2016, when output grew 1.6 percent. Economists had forecast a monthly 0.6 percent increase.

Among components, capital goods output advanced 3.1 percent and intermediate goods output climbed 1.2 percent. At the same time, production of durable consumer goods gained 1.3 percent.

Energy output rose only 0.2 percent and non-durable consumer goods output remained flat in August.

On a yearly basis, growth in industrial production improved to 3.8 percent from 3.6 percent in July. Output was forecast to climb 2.6 percent.

Jack Allen, an economist at Capital Economics, said August's sharp rise in Eurozone industrial production suggests that the sector had a strong third quarter, contributing to the continued healthy economic recovery.

According to the Purchasing Managers' survey, the manufacturing activity grew the most in over six-and-a-half years in September. Production expanded strongly on robust new orders.

In the EU28, industrial production rose 1.7 percent monthly, taking the annual growth to 3.9 percent in August.

Among member states, the highest monthly increases in industrial production were registered in the Czech Republic, Malta and Portugal. Meanwhile, the biggest decreases were observed in the Netherlands, Sweden, France and Finland.

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