Eurozone industrial production rose by 3.8% in August 2017 compared to August 2016, according to estimated figures published this morning by Eurostat, the European Union (EU)'s statistical office.
The equivalent year-on-year figure for the EU28, the European Union as a whole, was up by 3.9%. Eurostat attributes the eurozone year-on-year rise to an increase in the production of
- Intermediate goods (up 5.3%)
- Capital goods (up 4.9%)
- Durable consumer goods (up 3.6%)
- Non-durable consumer goods (up 2.4%)
Production of energy by contrast fell by 0.7%.
For the EU28 capital goods production rose by 5.5%, intermediate goods by 5.3%, durable consumer goods by 3.6% and non-durable consumer goods by 2.3%. Energy production fell by 0.4% in the EU28.
The figures broadly bolster the growing body of statistical evidence of economic recovery in the eurozone and EU but with some striking internal variations. For member states for which data are available, the highest increases in industrial production were recorded in
- Lithuania (up 13.1%)
- Latvia (up 12.1%)
- Romania (up 10.3%)
Industrial production was down in the Netherlands (-1.8%).
Switching to month-on-month comparisons, industrial production in the eurozone rose by 1.4% in August compared with July.
Eurostat recorded an increase in the production of
- Capital goods (up 3.1%)
- Durable consumer goods (up 1.3%)
- Intermediate goods (up 1.2%)
- Energy (up 0.2%)
The corresponding figure for the EU28 was up 1.7% in August compared with July. Eurostat breaks this down into a 3.2% rise in the production of capital goods, a 1.2% increase in durable consumer goods and a 1.0% uptick in intermediate goods. Energy production was up 0.7% and non-durable consumer goods 0.4%.
Eurostat says that among member states for which data are available, the highest increases in industrial production were registered in
- Czech Republic (+14.3%)
- Malta (+5.4%)
- Portugal (+4.7%)
Falls were seen in
- The Netherlands (-2.3%)
- Sweden (-1.8%)
- France (0.4%)
- Finland (also -0.4%)