fbpx

Eurozone industrial output falters

factoryIndustrial production in the eurozone took a sudden fall in June with factory output dropping by 0.3% across the region.

If follows a sharp contraction in May.

Greatest falls were seen in the production of consumer merchandise and energy.

The decline in Portugal was greater. A decline of 1.2% was registered in June compared to May. But figures are up, albeit by only 0.1% when compared to June 2013.

Analysts had believed that the region would have growth of 0.3%. The drop in production has added to fears that the eurozone recovery has no traction.

Ireland suffered the largest drop in eurozone production, falling 16.5% in June. The second greatest fall was 3% in the Netherlands.

In Spain, a monthly decline of 0.8% was revealed as well and the sharpest fall in consumer prices for nearly five years. Economists believe the country could enter a period of deflation soon as a result.

However, the two biggest economies saw increases - Germany rose by 0.2% and France by 1.2%.

Pin It