RTTN:Eurozone October Industrial Output Falls Unexpectedly
Industrial production in the euro area decreased at a notably faster pace in October, defying expectations for a modest increase, with all the major industrial sectors recording decline in activity, latest data revealed Thursday.
Industrial production fell a seasonally adjusted 1.1 percent month-on-month in October, after dropping an upwardly revised 0.2 percent in the previous month, statistical office Eurostat said. Economists had forecast production to grow 0.3 percent, following September's originally reported 0.5 percent contraction.
The slump in overall activity mainly reflected a 4 percent fall in energy production and a 2.4 percent decrease in the output of durable consumer goods. Production of capital goods and non-durable consumer goods dropped 1.3 percent and 0.9 percent respectively. Meanwhile, intermediate goods production increased by 0.4 percent.
Among the member states, the largest decreases were registered in Ireland, Malta, the Netherlands and Sweden. The highest increases were seen in Lithuania, Denmark, the Czech Republic and Romania.
Industrial output increased 0.2 percent compared to October 2012, significantly weaker than the 1.1 percent growth economists had forecast. In September, production had recorded a 0.2 percent gain, which has been revised down from 1.1 percent.
