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Industrial Production M/M Likely to Be Skewed Lower by Ireland

EUROZONE DATA
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Eurozone industrial production in June is due for release later today and from the eurozone member readings received so far we are tracking industrial production M/M closer to flat than the 0.5% M/M Bloomberg consensus (accounting for 99.4% of eurozone industrial production weighting) for the eurozone overall.

  • The decline is driven by Ireland which saw industrial production fall 7.8% M/M (vs 5.4% prior) - 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 between 0.5-0.6ppts to industrial production), while France and Italy edged up 0.7% and 0.5%.
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Eurozone industrial production in June is due for release later today and from the eurozone member readings received so far we are tracking industrial production M/M closer to flat than the 0.5% M/M Bloomberg consensus (accounting for 99.4% of eurozone industrial production weighting) for the eurozone overall.

  • The decline is driven by Ireland which saw industrial production fall 7.8% M/M (vs 5.4% prior) - 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 between 0.5-0.6ppts to industrial production), while France and Italy edged up 0.7% and 0.5%.