Figures from Eurostat show an unexpected dip in industrial production for the eurozone. Whilst June saw an up of 0.6 per cent, July has come in down -1.5 per cent - analysts consensus had predicted a fall of just 0.1 per cent.
A surprisingly large decline in industrial production in July for #eurozone, -1.5%. Back to lowest level of output since 2010!— Bert Colijn (@BertColijn) September 12, 2013
Ben May, European economist, Capital Economics:
July’s large fall in euro-zone industrial production puts a dent in hopes of a further pick-up in GDP growth in Q3... July’s fall means that, even if production posted monthly rise of around 1% in August and September, it would still roughly stagnate in Q3 as a whole, after rising by a downwardly revised 0.6% in Q2. But such a rebound is by no means guaranteed.
The numbers provide an early indication that the euro-zone economy is unlikely to have gathered more momentum in Q3 and may even have lost some steam.