World Economy

Eurozone Industry Output Reverses

Eurozone Industry Output Reverses Eurozone Industry Output Reverses

Euro zone industrial production declined in line with expectations in August, as the energy sector reversed gains made in July and only durable consumer goods output showing robust expansion, Reuters reported. Industrial output in the 19 countries sharing the euro fell by 0.5% month-on-month for a 0.9% year-on-year gain, Eurostat said on Wednesday. Economists polled by Reuters had expected a 0.5% monthly decline and a 1.8% annual gain. Eurostat also revised data for July to a 0.8% monthly fall from an increase of 0.6% and to a 1.7% year-on-year rise from the previously reported 1.9%. The August monthly expansion was chiefly driven by a 2.3% increase in production on durable consumer goods. Intermediate good output expanded by 0.2%. By contrast, energy production fell by 3.0% in the month after a 2.1% rise in July, which economists attributed to a heatwave early that month, with air conditioning on overdrive.