Euro zone industry output grew by more than expected in November

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BRUSSELS, Jan 13 (Reuters) – Euro zone production grew by more than expected in November as output of capital and intermediate goods expanded, in figures released on Friday showing some resilience of the bloc’s economy.

The European Union’s statistics office Eurostat said industrial production in the 19 countries then sharing the euro increased 1.0% month-on-month in November, a 2.0% year-on-year rise.

Economists polled by Reuters had expected much more modest

increases of 0.5% both on the month and from a year earlier.

Output of capital goods, such as machinery, rose 1.0% in the month to November, in a sign of optimism pointing to new appetite for investment after a flat reading in October.

Manufacturers also produced 0.8% more intermediate goods and 0.4% more durable consumer goods.

There were declines for non-durable consumer goods and energy.

Among the bloc’s largest economies, France’s industrial production rose 2.1% on the month and by 0.6% in Germany.

Separately, Eurostat data also showed the euro zone’s trade deficit expanded sharply in November to 11.7 billion euros from 3.9 billion euros a year earlier.

Adjusted for seasonal swings, the euro zone trade gap was 15.2 billion euros.

The trade deficit of the entire European Union with Russia – its main energy supplier – more than doubled to 143.3 billion euros in the first 11 months of the year from 63.8 billion euros in the same period of 2021.

Similarly, the value of energy imports sharply rose, swelling the energy trade deficit to 600.5 billion euros from 248.2 billion euros.

Industrial production – monthly variation

% change compared with previous month (seasonally adjusted)

Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22
Euro area
Total industry1.0-2.11.70.8-1.91.0
Intermediate goods-0.1-1.0-0.6-0.7-1.50.8
Energy0.9-0.5-0.1-2.0-3.5-0.9
Capital goods3.1-4.53.42.10.01.0
Durable consumer goods-1.2-1.41.1-0.5-1.70.4
Non-durable consumer goods-4.62.31.63.4-0.1-1.3
EU
Total industry0.9-1.51.30.6-1.90.9
Intermediate goods-0.2-1.1-0.5-0.6-1.50.7
Energy0.70.2-1.1-2.5-3.60.1
Capital goods2.7-3.52.52.2-0.20.9
Durable consumer goods-1.5-1.60.4-0.3-1.3-0.2
Non-durable consumer goods-3.51.81.62.9-0.1-1.2

Industrial production – annual variation

% change compared with same month of the previous year (working day adjusted)

Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22
Euro area
Total industry2.2-2.52.85.13.42.0
Intermediate goods-0.3-1.9-0.6-1.9-3.1-3.3
Energy0.40.3-0.6-4.0-8.1-10.7
Capital goods8.0-5.07.914.19.48.8
Durable consumer goods4.32.47.33.80.40.3
Non-durable consumer goods-3.3-1.41.15.410.16.3
EU
Total industry3.2-0.83.85.83.72.0
Intermediate goods0.3-1.50.0-1.2-2.5-3.3
Energy2.42.70.6-3.2-8.9-10.2
Capital goods7.9-3.38.714.810.19.0
Durable consumer goods2.91.64.42.2-0.7-1.5
Non-durable consumer goods0.81.83.77.811.07.2

For Eurostat release, click on:

(Reporting by Antonis Triantafyllou in Gdansk)

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