Greece industry output higher, while Eurozone output drops in October

Eurozone industrial production declined by more than expected in October, with the sharpest drop for capital goods such as machinery, reinforcing survey indications that the single-currency area is in a recession. The EU’s statistics office Eurostat said on Wednesday that industrial production in the 20 countries sharing the euro fell by 0.7% month-on-month in October for a 6.6% year-on-year drop.

Economists polled by Reuters had expected declines of 0.3% in the month and 4.6% from a year earlier.

The month-on-month fall was chiefly the result of a 1.4% decline in the output of capital goods, as well as a 0.6% fall for intermediate and non-durable consumer goods, such as food and clothing.

Production of energy was up 1.1% and of durable consumer goods by 0.2%.

Irish industrial output fell by the most, down 7.0%, while that of Greece was 6.0% higher than in September.

The eurozone economy contracted by 0.1% in the third quarter and expectations are that it will decline again at the end of 2023, confirming a recession. Surveys of purchasing managers have pointed to declines in business activity in October and November.

[Reuters]