BRUSSELS (Reuters) – Eurozone industrial production fell in June as Germany, the bloc’s industrial powerhouse, lost momentum amid supply bottlenecks, according to estimates from the European Union (EU) released on Thursday.
The EU’s statistics agency, Eurostat, said industrial production in the 19 countries that share the euro fell 0.3% from the previous month, above the 0.2% drop forecast by economists surveyed by Reuters.
The decline followed a 1.1% drop in May, which Eurostat revised down on Thursday. Previously, the expectation was for a 1.0% decline.
The decrease in production was largely due to the unexpected drop in German production, which Eurostat estimated at 1.0% for the month, less than the 1.3% decline calculated last week by the country’s Federal Statistics Agency. .
The euro zone indicator was also driven by the 1.5% drop in the production of capital goods, such as machinery, which for the second consecutive month was the worst performing sector in the bloc’s industry, possibly pointing to a fall in production in the future .
Compared to the same period last year, eurozone production grew 9.7% in June, as the bloc rebounded from the huge drops in production triggered by the pandemic in 2020.
But the increase was less than expected by economists, who had expected a 10.4% increase, and also less than half of the 20.6% rise recorded in May.
(By Francesco Guarascio)
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