Eurozone industrial production falls more than expected in Sep
EUROZONE industrial production fell more than expected in September with Germany suffering the biggest fall among the bloc’s largest nations, indicating than a long-expected recovery could be even further delayed.
Industrial production fell by 2 per cent compared to the previous month, exceeding a 1.4 per cent drop seen in a Reuters poll of economists, even as the previous month’s solid 1.8 per cent growth figure was revised down to just 1.5 per cent, data from Eurostat showed on Thursday (Nov 14).
Compared to the same month a year earlier, output was down 2.8 per cent, underperforming a 2 per cent drop seen by economists and suggesting that a more than year-long industrial recession is still deepening.
Output in Germany, the 20-nation bloc’s biggest economy, fell by 2.7 per cent from the previous month but France and Italy also reported a decline.
Capital goods output fell by the most but energy production was also down and expansion elsewhere was not enough to offset these drops.
Industrial production rose steadily after the pandemic until the end of 2022 and has been trending down ever since on weak demand from China, the poor performance of the automotive sector and soaring costs on the surge in energy costs.
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The figures are likely to support arguments that the bloc’s long-awaited economic recovery is getting even further delayed and any rebound is likely to be shallow because of structural flaws in eurozone economy. REUTERS
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