Eurozone’s industrial output climbs
Print Edition
Industry across the eurozone managed to offset the impact of a strong euro in November to post the biggest rise in output in three and a half years, official figures showed yesterday.
Eurostat, the European Union’s statistics office, said industrial output in the then 17-country eurozone rose by 1.8 percent compared with the previous month. That was ahead of market expectations for a 1.3 percent increase and the biggest monthly rise since May 2010, when the region’s debt crisis was particularly acute and Greece got its first international bailout.
The big gain was likely due to activity catching up after drops in the previous two months. Even so, it was fairly broad-based, with the core economies of Germany and France posting healthy gains of 2.4 percent and 1.4 percent. The standout performance was from Ireland, which saw output surge 11.7 percent. No explanation for the Irish increase was provided.
A run of economic figures lately has suggested that the recovery from recession is gaining traction. Figures for fourth-quarter economic growth are due next month and hopes are for an improvement on the third quarter’s 0.1 percent quarterly increase.
Jonathan Loynes, chief European economist at Capital Economics, said yesterday’s figures stoke hopes that the eurozone “regained a bit of momentum” at the end of 2013, but cautioned that it would be wrong to get too carried away by one month’s data.
“The general trend in industry and the broader economy is weak and the strong euro presents a clear threat to future growth,” he said.
As a result, Loynes said the European Central Bank may have to do more to shore up the recovery, possibly by trying to get the euro down.
Though the ECB is not expected to intervene outright in the currency markets, its officials may try to talk the euro down by warning of loose monetary policy ahead. The euro is trading near the US$1.37 mark. In late December, it traded as high as US$1.3893, its strongest level for over two years.
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