Industrial production shows signs of recovery in July

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Eurostat has recently published the July data of the European industrial production.
According to estimates of the statistical office of the European Union, in July 2020, a month marked by some relaxation of COVID-19 containment measures in many Member States, the seasonally adjusted industrial production rose by 4.1% in both the euro area and EU, compared with June 2020. In June 2020, industrial production rose by 9.5% in the euro area and by 9.6% in the EU.

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If we compared these data with those of 2019, Eurostat reveals a decrease of 7.7% in the euro area and by 7.3% in the EU.
In the Euro area, the sector of durable goods recorded a good performance, growing by 4.7% compared with June 2020. Only capital goods rose more (+5.3%), while intermediate goods rose by 4.2%, non-durable consumer goods by 3.9% and energy by 1.1%.
In the EU, production of capital goods rose by 5.6%, durable consumer goods by 4.8%, intermediate goods by 3.9%, non-durable consumer goods by 2.8% and energy by 1.3%.
The highest increases were registered in Portugal (+11.9%), Spain (+9.4%) and Ireland (+8.3%). Decreases were observed in Denmark (-4.9%), Latvia (-0.8%) and Belgium (-0.5%).
The results is less positive if we look the annual comparison. In the euro area in July 2020, compared with July 2019, production of durable consumer goods fell by 3.8%, but the performance was better than that of capital goods (-10.4%) and intermediate goods (-9.3%).