Eurozone Industry December 2016


Eurozone: Industrial production records worst result since late 2012

February 14, 2017

The industrial sector in the Eurozone deteriorated notably in December, ending 2016 on a sour note. Industrial production decreased a seasonally-adjusted 1.6% from the previous month, contrasting November’s 1.5% increase. The reading slightly undershot market analysts’ expectations of a 1.5% decrease and marked the worst result since September 2012.

December’s drop reflected a steep contraction in the production of capital goods as well as falls in energy output and non-durable consumer goods production. In addition, intermediate goods production decreased slightly. On an annual basis, industrial production rose 2.0% in December (November: +3.2% year-on-year).

Among the Euro area economies for which data are available, the largest growth rates in production were recorded in Malta (+2.3% month-on-month), Greece (+2.4% mom) and Italy (+1.4% mom). On the flipside, the largest drops were recorded in Ireland (-11.7% mom) and Germany (-3.1% mom). Regarding the region’s remaining largest economies, output fell in France (-0.9% mom) and Spain (-0.4% mom).

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.7% in 2017, which is up 0.1 percentage points from last month’s forecast. For 2018, panelists see industrial production growth broadly stable at 1.8%.

Author: Angela Bouzanis, Lead Economist

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Eurozone Industry Chart

Euro Industry by country December 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 November.
Source: Eurostat

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