Euro Area: Industrial production falls in October

Euro Area Industrial production October 2022

Euro Area: Industrial production falls in October

Industrial output decreased 2.0% over the previous month in seasonally adjusted terms in October, contrasting Septembers 0.8% rise. Octobers result reflected sharper contractions in the production of energy, intermediate and durable consumer goods as well as a downturn in the production of capital goods. Moreover, the production of non-durable consumer goods expanded at a softer clip.

Looking at the individual economies for which data is available, industrial output contracted in 13 countries, while it expanded in four and remained steady in one. Focusing on the most important economies, production decreased in France, Germany, Italy, the Netherlands and Spain.

On an annual basis, industrial production rose 3.4% in October, following Septembers 5.1% increase. Lastly, annual average growth in industrial production rose to 0.8% from Septembers 0.5%.

Commenting on the outlook, Bert Colijn, senior economist at ING, stated:

“From here on, the outlook for the manufacturing industry remains bleak. The slowing trend in new orders is set to continue as goods consumption is experiencing a broad correction at the moment. At the same time, energy prices have increased again, which will continue to dampen the performance in energy-intensive industries. As post-pandemic effects fade, expect weaker production figures over the winter months.”

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