Euro zone industry output falls by more than expected in October
2023.12.13 05:57
© Reuters. FILE PHOTO: People walk past a construction site with cranes at Alexanderplatz in Berlin, Germany October 2, 2023. REUTERS/Annegret Hilse/File Photo
BRUSSELS (Reuters) – Euro zone industrial production declined by more than expected in October, with the sharpest drop for capital goods such as machinery, reinforcing survey indications that the single-currency area is in a recession.
The European Union’s statistics office Eurostat said on Wednesday that industrial production in the 20 countries sharing the euro fell by 0.7% month-on-month in October for a 6.6% year-on-year drop.
Economists polled by Reuters had expected declines of 0.3% in the month and 4.6% from a year earlier.
The month-on-month fall was chiefly the result of a 1.4% decline of output of capital goods, as well as 0.6% falls for intermediate and non-durable consumer goods, such as food and clothing.
Production of energy was up 1.1% and of durable consumers goods by 0.2%.
Irish industrial output fell by the most, down 7.0%, while that of Greece was 6.0% higher than in September.
The euro zone economy contracted by 0.1% in the third quarter and expectations are that it will decline again at the end of 2023, confirming a recession. Surveys of purchasing managers have pointed to declines in business activity in October and November.
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