Eurozone Industrial Production Fell in May

According to data published by Eurostat, the statistical office of the European Union, the industrial production of the Eurozone decreased to a lesser extent than expected by analysts, but in a monthly comparison in May, a decline was also registered on an annual basis.

In May, industrial production in the Eurozone fell by 0.6% on a monthly basis, after stagnation in April. Analysts expected a 1.0 percent monthly contraction for May.

In the euro area, the production of capital goods decreased by 1.2% after the previous month's 0.7% expansion, while energy production increased by 0.8% after the 0.2% decrease in April. Meanwhile, the production of durable consumer goods shrank by 1.8% after expanding by 0.4% in April, and the production of non-durable consumer goods increased by 1.6% after expanding by 3.6% in April. At the same time, the production of intermediate goods decreased by 1.0% in May, after contracting by 0.3% a month earlier, in April.

According to data published by Eurostat, industrial production in the Eurozone fell by 2.9% year-on-year in May. A month earlier, in April, an annual decline of 3.1% was registered. Since last May, December was the only month in which industrial production in the Eurozone showed an annual increase.

In the European Union, industrial production fell by 2.5% on an annual basis after a 2.1% contraction in April, while a month-on-month contraction of 0.8% was recorded after a 0.5% increase in April.