Euro zone October industry output dips against expected slight rise

Image
Reuters BRUSSELS
Last Updated : Dec 14 2016 | 4:43 PM IST

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.

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)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Dec 14 2016 | 4:20 PM IST

Next Story