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Industrial production in the eurozone jumped by 1.5% between June and July, far exceeding expectations of a 0.6% gain, with signs pointing to increased vaccine output through the month. Output for June was revised slightly higher, declining just 0.1% over May versus the initially-published 0.3% decline, according to Eurostat data released on Wednesday.
Over the year to July, industrial production expanded by 7.7%, topping forecasts of a 6.0% increase, following an upwardly revised 10.1% gain in June. Production of non-durable consumer goods increased by 3.5% in July, while intermediate goods rose 0.4% and capital goods rose by 2.7%. Energy output declined by 0.6%.
Irish output led the eurozone, rising by 7.8% between June and July, while Belgian output increased by 5.0%. Both countries received regulatory approval for expanded production of the Pfizer Covid vaccine over the spring, which may have contributed to the boost in output.