Euro-zone Industrial Production, August 2020: Data released this week by Eurostat saw a slowing of the growth rate compared to the previous couple of months; although this is seasonally adjusted, there may still be an element of the holiday season behind this. Total industrial production in the Euro-zone was +0.7% higher than in July with growth on the same basis of +1.0% for the whole of the EU. However, compared to a year earlier (August 2019), output was -7.2% lower in the Euro-zone and down by -6.2% for the EU.
The news is made worse by the fact that the capital goods sector saw output fall compared to July with a reduction of -1.6% for the Euro-zone and -1.1% for the EU and non durable consumer goods (food, clothing and fuels) was the only other sub-sector to have a month-on-month contraction. As a result, the capital goods sub-sector is the weakest in the comparison with August 2019; output in the Euro-zone was down by -13.2%, with the fall for the EU slightly lower at -12.3%.
Sticking with the comparison with 12 months ago, total industrial production fell in 22 of the 25 Member States who have published their August figures; the fastest rates of decline were in Luxembourg (-15.8%), Germany (-11.2%) and France (-7.3%). The only exceptions to the downward trends were Portugal, Lithuania (both +2.1%) and Poland (+1.3%).
The Eurostat News Release can be downloaded from their web-site at www. http://ec.europa.eu/eurostat (14 October) or requested from MTA.