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(CEP News) Frankfurt - Euro zone industrial production declined 1.6% month-over-month in November, mirroring October's contraction, Eurostat reported on Wednesday. Economists, however, had expected a more severe fall of 2.1% for the month.
According to the statistics office, non-durable consumer goods production declined 2.7% from October to November, while energy production contracted 3.6%. Meanwhile, capital goods production lost 8.0% compared to October's levels. Durable consumer goods also lost significant ground in November, slipping 10.3% over the month. While surprising on the upside in monthly terms, output levels fell below expectations year-over-year. According to Eurostat, industrial production tumbled 7.7% in weighted daily average terms in November, down from both the -6.1% figure expected and the previous month's 5.7% annualized slide. Meanwhile, October's reading was revised down from an initial estimate of -5.3%. The euro is currently trading up 0.44% at $1.3242 USD. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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