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EUROZONE DATA: Industrial Production Tracking Around Two Tenths Above M/M Exp.

EUROZONE DATA
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Eurozone industrial production in July is due for release Friday and from the eurozone member readings published we are tracking industrial production M/M two tenths above the -0.5% M/M consensus for the eurozone overall. Although slightly above expectations, this would be the fourth consecutive monthly deterioration in industrial production.

  • The higher than consensus tracking is largely driven by Ireland and Belgium with the former seeing industrial production jump 9.2% M/M (vs a fall of 7.8% in June) - the highest reading since March 2023. Belgium recorded a 7.3% M/M increase reversing last month's 7.0% fall, and the highest sequential reading since September 2022.
  • The largest five eurozone economies all saw negative growth in July. German industrial production in particular deteriorated 3.0% M/M - the second lowest reading since March 2022 and is expected to contribute around -1ppts to the EZ print. Meanwhile, Italy printed a fall of 0.9% M/M, Spain a decrease of 0.7%, France a reduction of 0.5% and the Netherlands a fall of 1.2%.
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Eurozone industrial production in July is due for release Friday and from the eurozone member readings published we are tracking industrial production M/M two tenths above the -0.5% M/M consensus for the eurozone overall. Although slightly above expectations, this would be the fourth consecutive monthly deterioration in industrial production.

  • The higher than consensus tracking is largely driven by Ireland and Belgium with the former seeing industrial production jump 9.2% M/M (vs a fall of 7.8% in June) - the highest reading since March 2023. Belgium recorded a 7.3% M/M increase reversing last month's 7.0% fall, and the highest sequential reading since September 2022.
  • The largest five eurozone economies all saw negative growth in July. German industrial production in particular deteriorated 3.0% M/M - the second lowest reading since March 2022 and is expected to contribute around -1ppts to the EZ print. Meanwhile, Italy printed a fall of 0.9% M/M, Spain a decrease of 0.7%, France a reduction of 0.5% and the Netherlands a fall of 1.2%.