Services production in the euro area rose 0.4 per cent in July after a 0.3 per cent decline in June. Across the European Union, the monthly increase was 0.3 per cent; both areas recorded annual growth of 1.5 per cent. Professional and scientific services expanded in the euro area, while transport and storage edged down. Country results ranged from a sharp rise in Luxembourg to a decline in Hungary.
Eurostat, the European Union’s statistical office, estimates that services production rose 0.4 per cent in the euro area and 0.3 per cent across the European Union in July from June. Production had fallen 0.3 per cent in both areas in June. The monthly figures are seasonally adjusted; annual services-production growth was 1.5 per cent in both areas.[1], [2]
In the euro area, professional, scientific and technical activities increased 1.1 per cent from June. Real estate activities rose 0.7 per cent, accommodation and food services 0.6 per cent, and information and communication 0.4 per cent. Administrative and support services grew 0.3 per cent, while transport and storage declined 0.1 per cent.[1]
Among countries with available data, monthly services output increased most in Luxembourg, at 7.6 per cent, followed by Greece at 5.1 per cent and Sweden at 1.5 per cent. The largest declines were in Hungary, at 4.5 per cent, Denmark at 3.1 per cent and Slovenia at 2.7 per cent. Greece also led the annual increases, at 16.1 per cent.[1], [2]
The first-estimate release covers July production. Eurostat’s next services-production bulletin is scheduled for November 9.[1]
