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Euro zone October industry output dips against expected slight rise
December 14, 2016 / 10:51 AM / a year ago

Euro zone October industry output dips against expected slight rise

BRUSSELS (Reuters) - Euro zone industrial output dipped in October for the second consecutive month against expectations of a slight rise as production of intermediate and non-durable consumer goods dropped in a sign of muted growth in the fourth quarter.

Employees work at the Royal Mer Bretagne factory, specializing in French manufactured knitted clothes, in La Regrippiere, western France, November 28, 2016. REUTERS/Stephane Mahe/File Photo

The European Union’s statistics office Eurostat said on Wednesday industrial production in the 19-country single currency bloc in decreased in October by 0.1 percent during the month, although was up 0.6 percent year-on-year.

A Reuters poll of economists had forecast an average monthly rise of 0.2 percent for a 0.8 percent increase year on year.

The figures for September were revised to minus 0.9 percent month-on-month for a 1.3 percent increase from a year earlier, compared with the initial estimates of -0.8 and 1.2 percent respectively.

The figures meant the end of a seven-month pattern in which decreases in one month were followed by increases the following month and vice versa.

The monthly fall of production in October was mostly due to a 1.5 percent drop in the output of non-durable consumer goods, such as clothing, after a 0.1 percent increase in September.

Intermediate good production also fell by 0.5 percent.

However, output of durable goods, such as cars or fridges, picked up 1.5 percent after a sharp 5.5 percent decline in September. Production of capital goods, such as industrial machinery, and of energy rose by 1.0 and 0.8 percent respectively.

Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek

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