Eurozone industrial output falls more than expected in October

By Tuba Ongun

ANKARA (AA) – Industrial production in the euro area dropped for the second consecutive month in October, more than the market expected, according to official data released on Wednesday.

The output decreased by 0.7% month-on-month in October, following an upwardly revised 1% decline in September, Eurostat data showed.

The market had expected the reading to go down 0.3% for the month.

The production of capital goods fell by 1.4%, while intermediate goods and non-durable consumer goods both decreased by 0.6% in the same period.

The production of durable consumer goods and energy, on the other hand, grew 0.2% and 1.1%, respectively.

In the EU, industrial production ticked down by 0.5% from a month earlier in October.

Among member states with available data, the largest monthly decreases were in Ireland (-7.0%), Malta (-2.5%) and the Netherlands (-2.1%).

The largest rises were seen in Greece (6.0%), Portugal (3.8%) and Czechia (2.9%).

On an annual basis, industrial output plunged 6.6% in the euro area and 5.5% in the EU.

The eurozone/euro area, or EA19, represents member states that use the single currency – the euro – while the EU27 includes all member countries of the bloc.