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EU manufacturing output fell both on the month and the year in July, according to preliminary data from Eurostat.
Manufacturing production across the EU fell by an estimated 1.8pc from July 2022. Of the top five gas-consuming countries — Germany, the Netherlands, Spain, Italy and France — output was mixed, falling the most in the Netherlands at 8.3pc, but growing by 2.6pc in France. The bloc's largest economy, Germany, registered a year-on-year decrease of 1.3pc.
Dutch industry has consistently struggled this year, with manufacturing output in each month over January-July dropping compared with the previous year.
July was the third consecutive month in which manufacturing output declined on the year.
Output also lower on the month
EU manufacturing output fell by an estimated 2.1pc compared with the previous month, breaking a trend of three consecutive increases.
Output had previously increased compared with the previous month in all months but April, as manufacturing slowly recovered from its historic low point last year. But the decline in July comes as evidence that this recovery remains inconsistent.
Commission lowers EU growth forecast
The European Commission this week lowered its forecast for economic growth in the EU, with a notable downgrade for Germany.
Gross domestic product (GDP) in the EU is now projected to increase by 0.8pc this year and by 1.4pc in 2024, compared with growth of 1pc and 1.7pc in the commission's previous forecast in May. The commission now forecasts that the German economy will contract by 0.4pc in 2023 before returning to growth of 1.1pc in 2024.
Economic activity in the EU was "very subdued" in the first half of 2023, the commission said. argusmedia
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