Eurozone industrial production continues to improve
By Abigail Townsend
Date: Monday 14 Dec 2020
(Sharecast News) - Eurozone industrial production continued to strengthen in October, official data published on Monday showed, despite a resurgence of Covid-19 cases across the continent.
According to Eurostat, the European Union's statistics office, seasonally-adjusted industrial production rose 2.1%, marginally above the consensus for 2.0% growth, and by 1.9% across the wider bloc. It was a significant improvement on September - when industrial production grew by 0.1% in the eurozone and 0.3% in the EU - and the fastest rate of growth since July.
It also marks the sixth consecutive month of growth.
The rate was down 3.8% against October 2019, and by 3.1% across all member states. But the annual rate was well above consensus for a decline of 6.8% and an improvement on September's 6.3% fall.
The rise in output was led by Germany, the eurozone's largest economy, which recorded a 3.4% improvement in the production of capital goods. Belgium reported a 6.9% increase. The biggest decrease was a 3.0% fall in Greece.
Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said: "Eurozone manufacturing had a good start to the fourth quarter, reversing a stumble at the end of the third quarter. The headline was boosted by solid gains in production of capital and intermediate goods, by 2.1% and 2.6% respectively, with durable goods output increasing by 1.5%.
"Overall, these data are encouraging in an environment where services activity is taking a hit due to new virus restrictions."
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