Euro zone Sept industrial output much stronger than expected

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BRUSSELS, Nov 14 (Reuters) – Euro zone industrial production rose much more than expected in September, and the output for August was revised upwards too, data showed on Monday, helping explain the continued, though sharply slowing, economic growth in the third quarter.

The European Union’s statistics office Eurostat said industrial output in the 19 countries sharing the euro rose 0.9% month-on-month in September for a 4.9% year-on-year gain.

Economists polled by Reuters had expected a 0.3% monthly and a 2.8% annual increase.

The data for August was revised upwards to a rise of 2.0% on the month and 2.8% year-on-year from 1.5% monthly and 2.5% year-on-year previously.

The much stronger than expected industrial production helps explain why the euro zone still managed to grow 0.2% quarter-on-quarter in the July-September period, despite strong headwinds from soaring energy prices and rising interest rates.

The European Commission expects the euro zone economy will contract in the last three months of the 2022 and in the first quarter of 2023.

Industrial production – monthly variation

% change compared with previous month (seasonally adjusted)

Apr-22May-22Jun-22Jul-22Aug-22Sep-22
Euro area
Total industry-0.31.61.0-2.32.00.9
Intermediate goods0.50.3-0.1-1.0-0.5-0.9
Energy2.5-3.51.0-0.3-0.1-1.1
Capital goods0.82.83.1-4.02.91.5
Durable consumer goods0.31.3-1.1-1.31.0-0.9
Non-durable consumer goods0.62.7-4.42.01.43.6
EU
Total industry-0.51.51.0-1.71.50.9
Intermediate goods0.10.2-0.2-1.0-0.4-0.6
Energy-0.6-3.30.90.3-1.2-2.0
Capital goods1.12.72.8-3.12.11.7
Durable consumer goods0.20.9-1.4-1.60.5-0.6
Non-durable consumer goods0.92.2-3.11.61.43.1

Industrial production – annual variation

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

Apr-22May-22Jun-22Jul-22Aug-22Sep-22
Euro area
Total industry-2.51.62.1-2.52.84.9
Intermediate goods-0.30.2-0.3-2.0-0.5-2.1
Energy-0.1-1.90.40.4-0.6-3.0
Capital goods-8.91.08.0-5.07.913.5
Durable consumer goods5.96.94.22.57.33.6
Non-durable consumer goods3.06.2-3.3-1.41.15.7
EU
Total industry-0.92.73.2-0.83.85.7
Intermediate goods0.50.90.2-1.40.0-1.4
Energy2.30.82.42.80.6-2.8
Capital goods-7.61.77.9-3.28.714.3
Durable consumer goods5.35.72.81.64.41.8
Non-durable consumer goods6.18.10.81.93.78.4

For Eurostat release, click on:

(Reporting by Katarzyna Zajaczkowska in Gdansk)

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