Industrial production in the euro area declined more than expected

According to a report released on Wednesday by the Statistical Office of the European Union (Eurostat), industrial production in 19 euro area countries fell by 2.6 percent year-on-year, with a calendar effect adjusted decline of 1.6 percent month-on-month in June.

Analysts expected a much smaller 1.2 percent year-on-year decline after last month’s 0.8 percent decline. Analysts expected a month-on-month decline of 1.4 percent, after the 0.8 percent increase in May. (MTI)