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Free AccessIndustrial Production Disappoints With Weakness Driven by Ireland
Eurozone industrial production disappointed in June at -0.1% M/M in-line with MNI's tracking (vs 0.5% consensus, -0.9% revised prior from -0.6%). The annual reading was also weak printing -3.9% Y/Y (vs -2.7% consensus, -3.3% prior revised from -2.9%).
- The June monthly fall was driven by Ireland, which saw production fall 7.8% M/M after rising 5.4% M/M last month - making it the largest decline since January 2024, followed by Belgium which saw its steepest sequential deterioration since April 2023 printing -6.5% M/M.
- Of the 6 major eurozone members, Germany followed by France and Italy restrained the downside move. Germany industrial production rose 1.6% M/M (contributing around 0.6ppts to industrial production), while France and Italy edged up 0.7% and 0.5%.
- From a sectoral perspective, 3 of 5 sub-components fell. Intermediate goods fell again albeit at a slower pace of 1.5% M/M (vs -3.3% in May). Capital goods also declined 7.8% (vs -7.3% prior) - the steepest fall since February 2024, whilst durable goods edged down 2.1% (vs -5.0% last month).
- Meanwhile, energy production rose for the second consecutive month by 2.6% M/M (vs 0.5% prior) and non-durable consumer goods remained stable rising 0.1% M/M (vs 2.4% prior).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.