Eurozone Industry October 2016


Eurozone: Industrial production drops again in October

December 14, 2016

The industrial sector in the Eurozone improved modestly in October, but recorded a second consecutive fall in output. Industrial production fell a seasonally-adjusted 0.1% from the previous month, a less pronounced drop than September’s revised 0.9% decrease (previously reported: -0.8% month-on-month). The reading notably undershot market analysts’ expectations of a timid 0.2% rise.

October’s contraction reflected a notable drop in the production of non-durable consumer goods and intermediate goods. In contrast, energy production improved notably from last month and expanded, while capital and durable consumer goods also grew. On an annual basis, industrial production rose 0.6% in October (September: +1.3% year-on-year).

Among the Euro area economies for which data are available, the largest growth rates in production were recorded in Greece (+4.5% mom), Lithuania (+2.7% mom) and Latvia (+2.5% mom). On the flipside, the largest drops were recorded in Ireland (-3.6% mom) and Luxembourg (-2.2% mom). Regarding the region’s largest economies, output fell in France (-0.2% mom) and was flat in Italy. Meanwhile, industrial production expanded in Germany (+0.1% mom) and Spain (+0.3%).

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.2% in 2017, which is up 0.1 percentage points from last month’s forecast. For 2018, panelists see industrial production growth broadly stable at 1.3%.

Author: Angela Bouzanis, Lead Economist

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Eurozone Industry Chart

Euro Industry by country October 2016

Note: Month-on-month var. of seasonally-adjusted industrial production and annual average growth rate in %. Data for Austria, Belgium and Cyprus refer to September.
Source: Eurostat

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