Euro Area: Industrial production falls at softer pace in November

Euro Area Industrial production November 2023

Euro Area: Industrial production falls at softer pace in November

Industrial output decreased 0.3% in month-on-month seasonally adjusted terms in November, which followed October’s 0.7% fall. November’s reading was driven by softer contractions in capital and intermediate goods output. Moreover, energy production expanded at a faster pace. On the flipside, manufacture of durable consumer goods swung into contraction. Meanwhile, production of non-durable goods production rose at a stable pace.

Looking at individual countries for which data is available, industrial output decreased in 10 countries and expanded in nine. Focusing on the largest economies, industrial output fell in Germany, Italy and the Netherlands, while it rose in France and Spain.

On an annual basis, factory output fell at a sharper rate of 6.8% in November (October: -6.6% yoy).

Commenting on the outlook, analysts at ING stated:

“The outlook for eurozone industry remains pretty bleak at this point, according to surveys. New orders continue to deteriorate, albeit at a slower pace than a few months ago. And while producers are getting slightly more upbeat, we do not expect that a real turning point in production is likely in the coming months. And any input shortages coming from the Red Sea disruptions won’t help. More importantly, demand would need to return and there is still very little evidence of that in the current weak global economy.”

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