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Data released on Wednesday showed that Eurozone industrial production was higher than predicted in July, owing to higher output of capital and nondurable consumer products. Eurostat, the European Union’s statistics office, said that industrial output in the 19 Eurozone countries climbed by 1.5 percent month on month in July, for a 7.7 percent year-on-year gain.
Economists who predicted a 0.6 percent monthly increase and a 6.3 percent yearly increase, according to Eurostat, capital goods output increased 2.7 percent month on month in July after falling 1.1 percent in June, for a 5.9 percent increase over the same time in 2020. Nondurable consumer goods output increased by 3.5 percent on a monthly basis and by 10.1 percent on an annual basis.
In comparison to the previous year, output of intermediate goods increased by 11.2 percent, while output of durable consumer goods increased by 9.8 percent. The better-than-expected figures for the start of the third quarter comes after the Eurozone economy expanded by 2.2 percent in the second quarter, thanks to the relaxation of coronavirus restrictions, which fueled a recovery from a brief recession.