Eurozone Industrial Production Stagnates In October
2024-12-12
5009
(fxcue news) - Eurozone industrial production stagnated in October as growth in capital goods output was offset by falls in energy and consumer goods production, Eurostat reported Friday.
Industrial output remained flat in October after declining 1.5 percent in September. The nil growth matched expectations.
Among sectors, only the capital goods sector posted growth, up 1.7 percent. Offsetting this gain, energy output slid 1.9 percent, durable consumer goods output fell 1.8 percent and non-durable consumer goods production was down 2.3 percent.
On a yearly basis, the decline in industrial production softened to 1.2 percent from 2.2 percent in September. Production was expected to fall 1.9 percent.
Industrial production in the EU27 logged a monthly increase of 0.3 percent but it decreased 0.8 percent from the same period last year.
The highest monthly increases were observed in Ireland, Denmark and Poland. Meanwhile, Lithuania, Belgium and Croatia registered the largest decreases.
Capital Economics' economist Jack Allen-Reynolds said the big picture is that the region's industrial sector remains very weak and it is expected to continue to struggle.
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