Eurozone: Industrial output contracts for third consecutive month
January 14, 2013
In November, industrial production dropped 0.4% over the previous month in seasonally adjusted terms, which was smaller than the 1.0% fall recorded in October (previously reported: -1.4% month-on-month). The reading contrasted market expectations of a 0.2% increase and marked a third consecutive drop.
At a country level, Slovenia (-4.0% mom) and Portugal (-3.4% mom) were the region's worst performers whereas, at the other end of the spectrum, Estonia (+4.7% mom) and Netherlands (+1.0% mom) recorded the best results. Among the region's major economies, industrial output expanded in France (+0.5% mom) and Germany (+0.1% mom), while it contracted in Spain (-2.5% mom) and Italy (-1.0% mom).
On an annual basis, industrial production declined 3.7%, which represents a further deterioration over the 3.3% contraction registered in October and marked the largest drop in three years. As a result, annual average growth in industrial production stepped down from minus 2.1% in October to minus 2.3% in November.
Author: Armando Ciccarelli, Head of Data Solutions