Euro Area: Industrial production rebounds in November

Euro Area Industry November 2021

Euro Area: Industrial production rebounds in November

Industrial output increased a seasonally-adjusted 2.3% over the previous month in November, contrasting October’s 1.3% drop. November’s growth reflected rises in the production of capital and non-durable consumer goods as well as of intermediate goods and, to a lesser extent, of energy. Meanwhile, production of durable goods dipped.

Looking at the individual economies for which data is available, industrial output expanded in 10 countries, while it contracted in seven countries. Within the most important economies, production increased in the Netherlands and in Spain while it decreased in France and Germany.

On an annual basis, industrial production decreased 1.5% in November, contrasting October’s 0.2% rise. Lastly, annual average growth in industrial production declined to 7.8% from October’s 8.1%.

Commenting on the short-term outlook, Bert Colijn, Eurozone senior economist at ING, stated:

“The surge in new coronavirus cases is going to put further strain on labour availability, and supply chain problems may have come slightly off their peak but the system remains incredibly strained and disruption to production is likely to last until mid-year. That dampens production expectations, but the light at the end of the tunnel suggests that industry is in for a decent 2022.”

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