Euro area industrial production – the slow down continues …
Euro area industrial production made the lowest reading in August since December 2018 at -2.8% on a year on year basis.
The downside trend in the euro area industrial output was not a surprise among experts, it has been already anticipated through leading economic surveys for the euro zone such as euro and German manufacturing PMI data that entered in a contraction phase below 50 for about 8 consecutive months.
The slowdown in industrial production would weight negatively on the third Quarter GDP growth. However, growth would still be supported by domestic consumption and retail trade.