Industrial output recovers in August for Eurozone, EU28

Industrial output recovers in August for Eurozone, EU28

Mubasher: The Eurozone’s industrial production jumped 1% in August, compared with a 0.7% drop in July, official data revealed on Friday.

Industrial production in the 28-member European Union (EU28) rose 0.8% month-on-month last August, reversing a decline of 0.6 in the previous month, the Eurozone’s statistical office, the Eurostat, said.

On an annual basis, the industrial production went up 0.9% in the Eurozone in June, while the EU28 logged a 0.6% gain.

Last August, the Eurozone saw an upturn of 1.9% in energy production, 1.5% in durable consumer products, with a gain of 1.4% in both capital and non-durable goods and a 0.4% in intermediate goods.

In the EU28, the monthly increase was attributed to a 1.2% rise in capital goods and 1.1% in non-durable goods, while energy production went up 0.9%, produced durable goods and intermediate goods rose 0.8% and 0.3% respectively.

The highest industrial production rates last August were observed in Malta at 9.9%, Ireland at 8%, while the rate in Hungary was seen at 3.8%.

On the other hand, Denmark posted a drop of 4.5% during the month.

By 9:16 am GMT, the EUR/USD pair went down 0.06% to $1.1586.