Latest data released by Eurostat - 12 August 2020
- Prior +12.4%; revised to +12.3%
- Industrial production WDA -12.3% vs -11.6% y/y expected
- Prior -20.9%; revised to -20.4%
Similar to May, the rebound in euro area factory output was less-than-expected but still shows signs of improvement since bottoming out in April. That said, the recovery remains rather tepid with overall conditions still way off relative to that of a year ago.
Nonetheless, this pertains to Q2 data and it is pretty much a quarter that is written off at this point. The data over the next few months will offer a better indication of the recovery process and how sustainable that will be towards the end of the year.