Euro Area: Industrial production grows at faster pace in October

Euro Area Industry October 2020

Euro Area: Industrial production grows at faster pace in October

Industrial output expanded a seasonally-adjusted 2.1% over the previous month in October, following September’s softer 0.1% uptick. October’s more pronounced increase reflected faster expansions in production of energy, and intermediate and capital goods as well as a rebound in the production of durable consumer goods. On the other hand, the production of non-durable consumer goods flatlined.

Looking at the individual economies for which data is available, industrial output expanded in 12 countries, while it dropped in four countries and flatlined in one. Production increased in heavyweights France, Germany, Italy and Spain.

On an annual basis, industrial production fell 3.8% in October, following September’s 6.3% decrease. Lastly, annual average variation in industrial production inched down to minus 8.8% from September’s minus 8.7%.

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

“The big question is what happens next. With tighter restrictions taking effect in some countries, the turn of the year could see manufacturing slowing further or contract again. We don’t expect similar declines as seen during the first lockdown, but the fate of the manufacturing recovery has become a lot more uncertain for the winter months.”

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