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Financial News: Eurozone Industrial Production Growth Slows Sharply In Aug

Eurozone Industrial Production Growth Slows Sharply In August

10/14/2020 - 05:11:00 (RTTNews)

(RTTNews) - Eurozone industrial production grew at a slower pace in August despite the easing of coronavirus containment measures in many member countries, data published by Eurostat revealed Wednesday.

Industrial production grew only 0.7 percent month-on-month, following July's 5 percent increase. Output was forecast to climb 0.8 percent.

Among components, non-durable consumer goods and capital goods production dropped 1.6 percent each.

Meanwhile, production of durable consumer goods advanced 6.8 percent and that of intermediate goods gained 3.1 percent. Energy production rose 2.3 percent from the last month.

On a yearly basis, industrial output logged a decline of 7.2 percent after falling 7.1 percent in July. The rate of decline came in line with economists' expectations. In EU27, industrial output grew 1 percent on month in August but declined 6.2 percent on a yearly basis.

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