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The
European Union's statistics office Eurostat said industrial
production in euro zone fell by 0.4 percent month-on-month in
June, but was still 1.2 percent higher year-on-year. This was
below analysts' expectations of a 0.2 percent fall.
The agency upwardly revised its reading for May to a 0.2 percent
decline from a fall of 0.4 percent previously penciled in.
The slowdown in June was most pronounced in the euro zone's main
economies Germany, France and Italy, while the rate of decline
slowed in Ireland and Greece. In Finland, the Netherlands,
Slovakia and Spain industrial production in June was stronger
than in May.
While services are the largest contributor to growth in the euro
zone, industrial production is very important because of its
large indirect impact on other sectors.
The largest fall in output came for factories in the durable
consumer goods and capital goods sector. Energy recovered from a
series to falls in previous months to become the most improved
sector.
First estimates of economic growth in the euro zone are due on
Friday, with analysts on average expecting growth of 0.4 percent
quarter on quarter, according to Reuters data.
(Reporting by Robert-Jan Bartunek; editing by Barbara Lewis)
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