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MNI, NEWS
MNI: EUROZONE DATA: Industrial Production (Jun 2019)
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- EZ IP: -1.6% m/m, -2.6% y/y (vs. Bbg consensus -1.5% m/m, -1.5% y/y)
- May m/m print revised down by 0.1pp to 0.8% m/m
- EZ industrial production decreased by more than expected by markets in Jun
- The m/m decline was the steepest since Feb 2016...
- ... and was driven by drops across all major categories
- The steepest monthly contraction was seen for capital goods (-4.0%), followed
by non-durable consumer goods (-2.8%), durable consumer goods (-1.2%),
intermediate goods (-0.8%) and energy (-0.2%)
- Ireland (-8.8%) & Portugal (-4.5%) saw the strongest m/m decreases in output
- Lithuania & Malta (both +1.8%) recorded the highest rates of increase
- The poor end to the quarter left IP down by 0.6% over Q2 as a whole...
- ... and increases the chance of a downward revision to Q2 GDP growth