ECONOMY

Eurozone industry output suffers sharp November decline

eurozone-industry-output-suffers-sharp-november-decline

Eurozone industrial production fell by more than expected in November and by the steepest amount in more than a year, with a sharp decline of energy output as well as of capital and durable consumer goods.

Industrial production in the 19-member single currency zone was 0.7 percent lower in November than in October, the European Union's statistics body Eurostat said, although year-on-year there was still a 1.1 percent increase.

That compared with the average forecasts in a Reuters poll of a 0.3 percent monthly decline and a 1.3 percent annual increase.

October's figures were revised up to increases of a 0.8 percent month-on-month and 2.0 percent year-on-year, from the 0.6 and 1.9 percent readings announced a month ago.

November's monthly decline was the steepest since August 2014 and the year-on-year reading the most muted since last April.

In the 15 eurozone members for which data was available, the sharpest declines were in Portugal, Malta and the Netherlands. The steepest rises were in Greece and Slovakia.

For the zone as a whole, energy production was down 4.3 percent, with weather in much of northern Europe far milder than on average. Output of capital goods and of durable consumer goods were respectively 1.9 percent and 1.0 percent lower.

Intermediate goods production was up 0.7 percent and production of non-durable goods such as food and toiletries was 0.1 percent higher.

In the wider 28-member European Union, industrial output was down 0.6 percent month-on-month and up 1.4 percent year-on-year. [Reuters]