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EUROZONE DATA: Industrial Production In-Line With Consensus

EUROZONE DATA
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Eurozone industrial production was in-line with consensus and MNI tracking at 1.8% M/M in August (vs -0.5% revised prior from -0.3%). The annual reading was higher than expected at 0.1% Y/Y (vs -1.0% consensus, -2.1% revised prior from -2.2%).

  • The reading is largely driven by Germany and Ireland. The former reversed most of last month's losses, rising 3.3% M/M after -3.3% in July for its strongest monthly increase since October 2021 and contributing ~1.1pps to Eurozone-wide industrial production in August. Meanwhile, Ireland saw a increase of 4.5% M/M after 7.6% in July as the series continues to see large swings.
  • France also saw a solid increase of 1.4% M/M, its highest since May 2023, following a marginal move up of 0.1% in July.
  • The five largest Eurozone economies apart from Spain all saw positive growth in August. Other than Germany and France mentioned above, the Netherlands increased 2.2% M/M after -0.8% in July whilst Italy was far more tepid with 0.1% M/M after -1.0%. Spain meanwhile saw a second consecutive decline, with -0.4% M/M after -0.7%.
  • From a sectoral perspective, 4 out of 5 sub-components rose. In particular, energy, capital goods, and durable consumer goods production all rose after declining in July. Energy rose 0.4% M/M (vs -0.2% prior), capital goods production jumped up 3.7% M/M (vs -1.3% prior), and durable consumer goods printed an increase of 1.7%M/M (vs -3.1% prior).
  • Meanwhile, Non-durable consumer goods rose a marginal 0.2% M/M (vs 1.8% in July), and intermediate goods production fell 0.3%, the second consecutive monthly decline after falling 1.3% in July.

 

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Eurozone industrial production was in-line with consensus and MNI tracking at 1.8% M/M in August (vs -0.5% revised prior from -0.3%). The annual reading was higher than expected at 0.1% Y/Y (vs -1.0% consensus, -2.1% revised prior from -2.2%).

  • The reading is largely driven by Germany and Ireland. The former reversed most of last month's losses, rising 3.3% M/M after -3.3% in July for its strongest monthly increase since October 2021 and contributing ~1.1pps to Eurozone-wide industrial production in August. Meanwhile, Ireland saw a increase of 4.5% M/M after 7.6% in July as the series continues to see large swings.
  • France also saw a solid increase of 1.4% M/M, its highest since May 2023, following a marginal move up of 0.1% in July.
  • The five largest Eurozone economies apart from Spain all saw positive growth in August. Other than Germany and France mentioned above, the Netherlands increased 2.2% M/M after -0.8% in July whilst Italy was far more tepid with 0.1% M/M after -1.0%. Spain meanwhile saw a second consecutive decline, with -0.4% M/M after -0.7%.
  • From a sectoral perspective, 4 out of 5 sub-components rose. In particular, energy, capital goods, and durable consumer goods production all rose after declining in July. Energy rose 0.4% M/M (vs -0.2% prior), capital goods production jumped up 3.7% M/M (vs -1.3% prior), and durable consumer goods printed an increase of 1.7%M/M (vs -3.1% prior).
  • Meanwhile, Non-durable consumer goods rose a marginal 0.2% M/M (vs 1.8% in July), and intermediate goods production fell 0.3%, the second consecutive monthly decline after falling 1.3% in July.