Financial News: Eurozone Industrial Production Falls For Third Month

Eurozone Industrial Production Falls For Third Month

(RTTNews) - The euro area industrial production declined for the third straight month in August, data from Eurostat showed Thursday.

Industrial output dropped 0.5 percent on a monthly basis in August, which was bigger than the 0.3 percent fall posted in July. Moreover, this was third consecutive decrease. Production was expected to remain flat.

Year-on-year, industrial output logged a decline of 1.1 percent after easing 0.3 percent in July. The annual fall surpassed economists' forecast of -0.1 percent. Data showed that non-durable consumer goods, intermediate goods and energy contributed negatively to overall production. Production of non-durable consumer goods and intermediate goods fell 2.7 percent and 0.8 percent, respectively. Energy output was down 0.6 percent.

Partially offsetting these falls, capital goods and durable consumer goods output rose 0.4 percent and 0.2 percent respectively.

In the EU, industrial production fell 0.3 percent from July and dropped 0.2 percent from the last year.

The largest monthly decreases were recorded in Belgium, Ireland and Portugal, while the highest increases were observed in Sweden, Estonia and the Netherlands.

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