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Eurozone still struggling to achieve growth

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Eurozone still struggling to achieve growth

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Output from the eurozone’s factories fell by much more than expected in July.

Industrial production in the 17 countries using the euro declined by 1.5percent from June. Economists had expected it to rise by 0.1 percent.

It was down 2.1 percent compared to the same month a year ago amid weak demand from European households and a fragile economic recovery.

In the April-to-June period, the eurozone came out of recession after a year and a half, but the challenge is to turn very modest growth, relying mostly on exports to the rest of the world, into a sustained upturn.

In Germany, Europe’s largest economy, industrial production fell 2.3 percent in July from June and while Finland and Spain managed an increase, France, Italy, Ireland, Portugal and the Netherlands all saw a poor performance from their factories.