Eurozone: Industrial output unexpectedly drops
December 12, 2012
In October, industrial production dropped 1.4% over the previous month in seasonally adjusted terms. The contraction was smaller than the 2.3% fall recorded in September (previously reported: -2.5% month-on-month) but contrasted market expectations of a 0.2% increase.
At a country level, Estonia (-5.3% mom) and Netherlands (-4.7% mom) were the region's worst performers whereas, at the other end of the spectrum, Portugal (+4.8% mom) and Ireland (+2.7% mom) recorded the best results. Among the region's major economies, industrial output expanded only in Spain (+1.2% mom), while it contracted in Germany (-2.4% mom), Italy (-1.1% mom) and France (-0.6% mom).
On an annual basis, industrial production declined 3.6%, which was down from the 2.8% contraction registered in September and marked the largest drop in almost three years. As a result, annual average growth in industrial production stepped down from minus 1.7% in September to minus 2.1% in October.
Author: Armando Ciccarelli, Head of Data Solutions