Euroarea industrial production grows above expectations in November

Euro area’s industrial production surpassed consensus expectations in November. Seasonally adjusted industrial output of the currency bloc rose 1.5 percent on sequential basis, as compared with the upwardly revised 0.1 percent growth in October and market projection of 0.5 percent, showed figures released by Eurostat. On a year-on-year basis, euro area industrial production grew 3.2 percent, as compared with October’s growth of 1.3 percent and consensus expectation of 2 percent.

The sequential growth in industrial output in the currency bloc is driven mainly by 2.9 percent rise in production of non-durable consumer goods, 1.6 percent rise in intermediate goods, 1.2 percent rise in energy and 0.1 percent rise in capital goods. On the other hand durable consumer goods dropped 0.1 percent sequentially in November. Increases in industrial production were seen in Ireland, whereas declines were seen in Greece and Portugal.

The year-on-year rise in industrial output in the euro area was driven by 5.9 percent rise in production of energy, 3.7 percent rise in non-durable consumer goods, 3.1 percent rise in capital goods and 2.5 percent growth in intermediate goods. Meanwhile, durable consumer production dropped 0.8 percent. The highest rises in industrial output were seen in Ireland and Latvia, whereas decreases were seen in Malta.