It couldn’t be clearer: Euro zone industrial production declines significantly for the 9th month in a row

A few minutes ago, industrial production in the euro zone was published at -2% year-on-year for the month of July (expected -1.3%). As the following chart shows, this is the 9th month in a row with significant declines. More signs of recession in industry are not needed. Mario Draghi hardly needs more justification for a rate cut in an hour? You only have to look at these declines.


The following chart doesn’t look so bad – but only because it goes back to 2010.

Here are further details of Eurostat in the wording:

In the Eurozone production of capital goods fell by 3.4% in July 2019 compared with July 2018. Production of intermediate goods by 3.0% and production of energy by 1.4%, while production of consumer non-durables increased by 1.5%. Production of consumer durables increased by 1.8%. In the EU28, production of capital goods fell by 2.6%, of intermediate goods by 2.2% and of energy by 1.7%. Durable consumer goods increased by 1.8% and non-durable consumer goods by 2.3%. Among Member States for which data are available, the largest decreases in industrial production were observed in Estonia (-5.4%), Germany (-5.3%) and Romania (-5.2%). The largest increases were registered in Hungary (+8.7%), Denmark and Lithuania (both +5.1%).

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