EZ industrial production falls in November

(Sharecast News) - Eurozone industrial production fell 0.3% in November on a monthly basis, as the single currency bloc continued to struggle amid inflationary pressures, according to official data published on Monday.

On an annual basis, industrial output fell by 6.8% in the eurozone and 5.8% in the 27-member European Union, the bloc's statistics agency Eurostat said on Monday.

The seasonally-adjusted eurozone trade surplus widened to €14.0bn in November, from €9.3bn in October. The non-seasonally adjusted trade surplus in the eurozone was at €20.3bn in November which compares to a €13.8bn deficit in November last year, beating the consensus €11.2bn.

"Eurozone industry was still in recession at the start of Q4. Industrial production only rose in eight EZ economies in November and, in fact, the country breakdown suggests output fell slightly more than implied by the headline; a weighted average of the country data points to a 0.4% month-to-month decline," said Melanie Debono, senior Europe economist at Pantheon Macroeconomics.

"This is no surprise given the drop in industrial production in Italy and decline in the EZ's largest economy, Germany. Weakness in industry since the middle of 2022 has been broad-based and there is little in today's sectoral breakdown to convince us that a rebound is on the cards in any of the main sectors."

Reporting by Frank Prenesti for Sharecast.com