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Eurozone industrial production dropped more than expected in October

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Eurozone industrial production dropped more than expected in October

Seasonally adjusted industrial production in the eurozone fell 0.5% month over month in October following a revised 0.1% decline in the prior month, Eurostat said.

The consensus estimate of economists polled by Econoday was for a 0.3% drop in October.

On a monthly basis, production of capital goods fell 2.0% while that of energy edged down 0.7%. In contrast, the production of non-durable consumer goods increased 0.2% while that of intermediate goods and durable consumer goods went up 0.4% and 1.5%, respectively.

On a yearly basis, eurozone industrial production went down 2.2% in October, as the production of both intermediate goods and capital goods fell 3.6% and energy production went down 2.5%. The production of durable consumer goods and non-durable consumer goods rose 0.9% and 2.7%, respectively.

Germany, once again, recorded the largest year-over-year decline in industrial production compared to other member states at 6.3%. In monthly terms, German industrial production was down 1.5% in October, while Denmark and Greece both recorded the largest monthly decrease in production at 2.6% each.

The latest production data followed final data from the IHS Markit showing the eurozone's economic activity growth remaining unchanged month over month in November, sparking fears about a slowdown in fourth-quarter GDP and services growth.

In addition, the eurozone manufacturing sector stayed in contraction territory for the 10th consecutive month in November, although the pace of decline was slower than earlier estimates.