Euro zone industry output stronger than expected in September

Production fell 0.2% month-on-month in September for 5.2% year-on-year increase

Production of non-durable consumer goods, such as clothing, rose by 1.0% in the month and were 8.5% higher than in September 2020. Photograph: iStock

Production of non-durable consumer goods, such as clothing, rose by 1.0% in the month and were 8.5% higher than in September 2020. Photograph: iStock

 

Euro zone industrial production dipped by less than expected in September, data showed on Friday, leaving it higher than anticipated year-on-year due to a surge in output of non-durable consumer goods.

The European Union’s statistics office Eurostat said industrial production in the 19 countries sharing the euro fell 0.2 per cent month-on-month in September for a 5.2 per cent year-on-year increase.

Economists polled by Reuters had forecast a 0.5 per cent decline month-on-month and a 4.1 per cent increase year-on-year in September.

Production of non-durable consumer goods, such as food or clothing, rose by 1.0 per cent in the month and were 8.5 per cent higher than in September 2020.

Output of capital goods, such as machinery and equipment, was 0.7 per cent weaker than a month earlier, but 5.9 per cent higher year-on-year. Intermediate good production also dipped in September, by 0.2 per cent, while being 5.0 per cent higher than in the previous year.

Durable goods production increased 0.5 per cent in the month and by 1.1 per cent year-on-year.

Energy output was unchanged both month-on-month and year-on-year. - Reuters