Industrial production in Eurozone slows down

The euro fell against the dollar on Wednesday with the news that industrial production in the eurozone fell by 0.3 percent in June. The data shows a drop in the output of consumer goods and energy.

Reuters/Yves Herman

The latest official data that was released on Wednesday was significantly lower than analysts expected and signals that the eurozone economic recovery is not on track.

Over the past year, production in the entire European bloc has been flat.

Analyst Peter Vanden Houte from ING Bank in Brussels told AFP that the figure was disappointing in the light of the already strong contraction in May that was caused by additional holidays in some countries.

The drop-off in production was caused mainly by a 1.9-percent drop from non-durable goods and a 0.7 percent fall in energy.

The following statistics reflect the country by country breakdown of the most recent data: Ireland experienced a 16.5 percent drop in growth. The Netherlands growth contracted by 3.0 percent. Germany and France experienced some growth, at 0.2 percent and 1.2 percent respectively.