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Eurozone industrial production falls more than expected in November 2018

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Eurozone industrial production falls more than expected in November 2018

Seasonally adjusted industrial production in the eurozone declined by 1.7% on a monthly basis in November 2018 after rebounding by an upwardly revised 0.1% in October 2018, data from Eurostat showed.

The Econoday consensus forecast was for a 0.5% monthly decrease.

Energy production fell by 0.6% compared to the previous month, while durable consumer goods production was down by 1.7% and production of nondurable consumer goods fell by 1.0%. Production of capital goods and intermediate goods decreased by 2.3% and by 1.2%, respectively.

On a year-over-year basis, industrial production in the single-currency area dropped by 3.3% in November 2018, following an annual rise of 1.2% in the prior month and compared with the Econoday forecast of a 2.2% drop.

"Surveys have been dismal throughout the quarter, and actual production data is now confirming that bleak view on the eurozone economy," said Bert Colijn, senior economist at ING, in a note.