Eurozone PPI growth beats forecasts in August

3rd Oct 2024 09:35

(Sharecast News) - Industrial output in the eurozone rose more than expected in August, according to data released by Eurostat on Thursday.

Industrial production increased by 0.6% in August, easily beating expectations for a 0.3% increase.

However, when compared with August 2023, production was 2.3% lower, following a downwardly revised 2.2% drop in July and forecasts for a decline of 2.4%.

Intermediate goods production rose 1.9% month-on-month while capital goods prices grew 0.1% and prices for both durable and non-durable goods held steady.

The EU's PPI rose 0.4% on a monthly basis but was still down 2.1% on the year, with Estonia, Greece and Spain leading the way. Ireland posted the largest decrease, followed by Lithuania and Romania.

Reporting by Iain Gilbert at Sharecast.com