EZ Industrial Production Sees Recovery Continue

EZ IP: +4.1% m/m, -7.7% y/y (vs. cons +4.0% m/m, -8.1% y/y); Prev (Jun): 9.5% m/m, -12.0% y/y

• The EZ industrial sector saw a third successive increase in Jul, coming in broadly in line with expectations.
• Annual output fell again, although at a slower pace of 7.7% which is the highest level since Feb.
• All sectors revealed monthly gains, although the recovery slowed in every sector.
• Capital goods (+5.3%) saw the largest m/m uptick followed by durable consumer goods (+4.7%), intermediate goods (+4.2%), non-durable consumer goods (+3.9%) and energy output (1.1%).
• Among the member states, the highest monthly rates were recorded in Portugal (+11.9%), Spain (+9.4%) and Ireland (8.3%), while Latvia (-0.8%) and Belgium(-0.5%) were the only countries to report declines.
• Ireland (+15.6%) also saw the largest annual increase, followed by Latvia (+0.1%), while Germany (-11.6%) and Portugal (-9.6%) saw the biggest declines.
• The recovery of the EZ industrial production sector continued in July, however, the recovery is likely to slow going forward.