Eurozone: Industrial output records largest contraction since February 2016
January 14, 2019
Industrial output plunged in November, falling a seasonally-adjusted 1.7% over the previous month. The result contrasted October’s revised 0.1% increase (previously reported: +0.2% month-on-month) and undershot market expectations of a 1.5% drop.
The deterioration was broad-based, with production of intermediate goods, capital and consumer goods all worsening. However, energy output contracted at a more modest pace than in the previous month.
Looking at the individual economies for which data is available, 11 economies saw industrial production lose steam in November, including the region’s four largest economies.
On an annual basis, industrial production contracted 3.3%--the worst reading since November 2012. Accordingly, annual average industrial production growth fell to 1.8% in December from 2.5% in October.