Industrial production was up by 0.7 per cent in June

Industrial production in Eurozone rises

by

Karafillis Giannoulis

13/08/2013 - 11:54am

• inShare

Industrial production in Eurozone was up by 0.7 per cent in June 2013 compared with May 2013. Industrial production also rose in EU27 by 0.9 per cent. In May, production decreased by 0.2 per cent in Eurozone and 0.4 per cent in EU27.

On monthly comparison, production of durable consumer goods grew by 4.9 per cent in Eurozone and by 4.2 per cent in the EU27. Capital goods increased by 2.5 per cent in both zones while intermediate goods rose by 0.5 per cent in the euro area and by 0.8 per cent in the internal market. However, non-durable consumer goods fell by 0.6 per cent and 0.3 per cent respectively and energy dropped by 1.6 per cent in the euro area and by 1.3 per cent in the EU market.

Among the Member States for which data are available, industrial production rose in fourteen and fell in eight. The highest increase was registered in Ireland, which recorded an 8.7 per cent monthly increase. Romania (+5.7%), Poland (+3.1%), Germany and Greece (both +2.5%) followed. On the other hand, the largest decrease was recorded in the Netherlands with -4.1 per cent. Portugal (-2.8%) and France (-1.5%) followed.

The positive figures in the industrial production in Eurozone and the EU as a whole together with the expected positive growth figures for Eurozone has brought optimism that Europe may again boost the global economy.

Joseph Lupton, a senior global economist at JPMorgan Chase in New York who also has worked at the Federal Reserve told Bloomberg. “We’re not expecting a boom in Europe, but there is a momentum shift, and you’re going to feel it in markets and the world economy…There’s a change in perception from when people didn’t see a way out of the crisis to now seeing growth.”

If you want to read Eurostat’s data about the industrial production in Eurozone and EU27 in June, please click here.