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Euro zone July industrial production drops more than expected

Published 13/09/2023, 10:03
© Reuters. FILE PHOTO: Bicycles are parked beside the production line while an employee works on a Volkswagen Golf car at the Volkswagen headquarters in Wolfsburg February 15, 2007. REUTERS/Christian Charisius/File Photo

BRUSSELS (Reuters) - Euro zone industrial production dropped much more than expected in July, data showed on Wednesday, underlining downward revisions of economic growth for this year in European Commission forecasts.

The European Union's statistics office Eurostat said industrial production in the 20 countries sharing the euro fell 1.1% month-on-month in July for a 2.2% year-on-year decline.

Economists polled by Reuters had expected a 0.7% monthly fall and a 0.3% year-on-year easing.

The weaker than expected numbers were a result of sharp declines in the output of capital goods and durable consumer goods month-on-month and durable consumer goods, energy and intermediate goods year on year.

The European Commission said on Monday consumer demand continued to be affected by high inflation while euro zone exports suffered from weaker external demand, notably from China.

 

 

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