Eurozone: Industrial output expands at fastest pace in over three years
January 14, 2014
In November, industrial production expanded a seasonally-adjusted 1.8% over the previous month according to data released by Eurostat on 14 January. The reading contrasted the 0.8% drop recorded in October and exceeded the 1.4% expansion the market had expected. In addition, the November outturn represented the strongest expansion since May 2010.
At a country level, Ireland (+11.7% month-on-month) and Malta (+3.8% mom) were the region's best performers. At the other end of the spectrum, Greece (-2.2% mom) and Estonia (-1.0% mom) recorded the worst results. Industrial output expanded in the four major regional economies (Germany: +2.4% mom; France: +1.4% mom; Spain: +1.0% mom; Italy: +0.3% mom).
On an annual basis, industrial production expanded 3.0%, which exceeded the 0.5% expansion registered in October and marked the third consecutive positive reading. Meanwhile, annual average growth in industrial production rose from minus 1.6% in October to minus 1.0% in November.
FocusEconomics Consensus Forecast panelists see industrial production contracting 1.9% in 2014, which is up 0.1 percentage points from last month's forecast. For 2015, panelists see industrial production rebounding to a 2.6% expansion.
Author: Armando Ciccarelli, Head of Data Solutions