Industrial production declined in July in Europe

Sept. 12, 2013 at 9:24 AM
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BRUSSELS, Sept. 12 (UPI) -- Industrial production dropped June to July in the eurozone and the European Union, the EU statistical office reported Thursday.

In the 17-member currency region, production dropped 1.5 percent month to month, Eurostat said. In the 28-member EU, the agency said, industrial output dropped by 1 percent.

The ranks of the EU swelled by one to 28 in the first of July when Croatia was accepted into the fold.

Compared to July 2012, production fell 2.1 percent in the eurozone and 1.7 percent in the EU.

From June, durable goods production fell by 2.2 percent and 0.5 percent n the eurozone and the EU, respectively.

Capital goods production dropped by 26 percent and 1.6 percent in the eurozone and the EU, respectively. Energy production, meanwhile, fall 1.6 percent and 1.2 percent from June in the respective regions.

Production of non-durable goods -- goods not expected to last three years -- fell by 0.9 percent in the currency region and by 0.5 percent in the larger EU.

Eurostat said industrial production in the month fell in 12 member states, rose in 10 and remained stable in Britain. Data was incomplete in the remaining states.

Gains were paced by Lithuania, Denmark, Estonia and Finland. Declines were sharpest in Ireland, Malta, Portugal and Greece.

In Germany, which has the largest economy in Europe, industrial production fell by 2.3 percent in the month. By comparison, production fell 8.7 percent in Ireland, which had the largest drop, and rose 3.3 percent in Lithuania, which posted the sharpest gains.

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