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Eurozone industrial output drops 1.1%
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Eurozone industrial output defied market expectations of a small month-on-month rise and fell sharply in October, in a fresh warning about the fragility of the bloc’s economic recovery.
The economic rebound of the 9.5 trillion euro (US$13.1 trillion) economy almost came to a halt in the third quarter and the outlook remains clouded because of record high unemployment, as well as weak consumer and business confidence.
Industrial production in the 17 countries using the single currency dropped 1.1 percent on the month, it’s biggest monthly decline since September 2012, data from the EU statistics agency Eurostat showed yesterday.
Analysts polled expected a 0.3 percent rise after a revised 0.2 percent drop in September.
“Today’s industrial production figures clearly highlight the bumpy and fragile nature of the eurozone’s economic recovery,” said Martin van Vliet, an ING economist.
The monthly fall was led by a 4.0 percent drop in highly volatile energy production, followed by a 2.4 percent decline in production of durable goods, such as cars and electronics, and capital goods production was down by 1.3 percent.
European refinery output in October dropped 6 percent on the year and was down by 7.9 percent on the month as refiners traditionally conduct routine maintenance in the third quarter. Weak profit margins also pushed many to cut crude processing rates for economic reasons this year.
Compared with the same period last year, industrial output in October rose 0.2 percent for a second month in a row.
In Germany, industrial production fell 1.2 percent month-on-month.
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