Eurozone's Industrial Production dropped by 0.7 percent M/M, below consensus of -0.3 percent, consistent with an annual growth rate of 1.1percent Y/Y, down from 2.0% Y/Y. While Q3 growth remained unchanged at +0.2percent Q/Q, the October data have been revised up to +0.8% M/M (+0.2pp).
A sharp contraction -4.3% M/M in energy production due to exceptionally mild temperatures, weighed down Industrial Production. Capital goods production also declined drastically at -1.9 percent M/M, while manufacturing output dropped 0.4 percent M/M.
Most of the euro area countries posted a decline in November Industrial Production, as compared to previous months. In France, industrial output dropped 0.9percent M/M, due to energy on the back of mild weather. German November IP also decreased on weak manufacturing output stemming from low production in motor vehicle, while Spanish Industrial Production was flat over the month.
"We expect Italian IP, not yet released, to post a slight rise of 0.3% m/m" - Barclays
