Euro Zone Nov Industrial Production Much Better Than Expected
BRUSSELS: Euro zone industrial production was much higher than expected in November, data showed on Wednesday, thanks to a sharp rebound in the output of intermediate and capital goods.
The European Union’s statistics office Eurostat said industrial output in the 19 countries sharing the euro rose 2.5% in November against October for a 0.6% year-on-year decline.
Economists polled by Reuters had expected a modest 0.2% monthly rise and a 3.3% annual fall.
Ireland was the clear outlier, with a 52.8% surge in industrial output in the month. Production also rose in Germany, but was down in France, Italy, Spain and the Netherlands.
The better than expected result was mainly due to a 7.0% monthly jump in output of capital goods and a 1.5% monthly rise in intermediate goods, which helped offset falls in the production of energy and durable and non-durable consumer goods.
Also year-on-year, capital goods production rose 0.1% in November after an 8% year-on-year slump in October. Intermediate goods output was up 1.1% after a 0.9% fall in October.
Intermediate and capital goods often give early indications of investment trends.
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