Huge 1.5% fall in eurozone industrial output in July

The fall is fuelled by a 2.3% monthly decline in Germany, stoking fears about the fragility of the eurozone's economy.

BRUSSELS, Belgium – Official figures show that industrial output across the 17 European Union countries that use the euro fell by a massive monthly rate of 1.5% in July.

The decline, reported by Eurostat, was much bigger than expected – the consensus of analysts’ forecasts was for a far more modest decline of around 0.3%.

The fall, which was fuelled by a 2.3% drop monthly decline in Germany, is also likely to stoke fears over the state of the eurozone economy following its modest rebound from recession in the second quarter.

The monthly fall took the annual rate of decline down to 2.1% from the 0.4% recorded in June.

©The Canadian Press