Euro Area: Industrial production grows at faster pace in November

Euro Area Industry November 2020

Euro Area: Industrial production grows at faster pace in November

Industrial output expanded a seasonally-adjusted 2.5% over the previous month in November, following October’s softer 2.3% uptick. November’s more pronounced increase reflected a surge in the production of capital goods. On the other hand, downturns were recorded in the production of non-durable consumer goods, durable consumer goods and energy, while the expansion in intermediate goods production softened.

Looking at the individual economies for which data is available, industrial output expanded in nine countries, while it dropped in eight countries. Ireland saw industrial production surge by over 50% in November. Moreover, production increased in heavyweight Germany, while it contracted in France, Italy and Spain.

On an annual basis, industrial production fell 0.6% in November, following October’s 3.5% decrease and marking the softest drop since May 2019. Lastly, annual average variation in industrial production remained unchanged at October’s minus 8.8%.

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

“The industrial picture has been rather upbeat for the start of 4Q and surely helps to alleviate the GDP shock that the second wave caused compared to the first one. But the months ahead remain very uncertain as restrictions are lengthened, which could cause second round effects on manufacturing as well. Even tighter measures cannot be ruled out in the coming weeks, which may directly affect industrial production. For now though, industry has turned out to be the eurozone’s dark horse, cushioning the fourth quarter blow from the second wave substantially.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest