Euro zone industrial production fell in November from a year earlier, the European Union’s statistics office Eurostat said on Wednesday, defying market expectations of a small increase mainly due to a sharp drop in the output of capital goods.
Eurostat said industrial output in the 19 countries sharing the euro rose 2.3 per cent month-on-month but still fell 1.5 per cent year-on-year. Economists polled by Reuters had expected a 0.5 per cent monthly rise and a 0.6 per cent annual gain.
Figures for October were also sharply revised downwards to a decline of 1.3 per cent in the month and a 0.2 per cent year-on-year gain from previously reported rises of respectively 1.1 per cent and 3.3 per cent.
The surprise year-on-year fall in November was mainly caused by a 9.8 per cent slump in the production of capital goods, which pulled down the overall reading despite a 4.4 per cent rise for durable consumer goods and a 6.1 per cent rise for non-durable consumer goods.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.