According to figures released by Eurostat yesterday, industrial production in the Eurozone picked up in October compared to the previous month's slump. While economic growth remains sluggish, this news may be cause for some cautious optimism as we move towards the start of a new year.
The figures from Eurostat show industrial production in October rose 0.2% from September, which saw a 0.6% decline. Capital goods production saw the biggest gain of 1%, followed by durable consumer goods with 0.4% growth. Intermediate goods output increased by 0.2%, although the production of non-durable goods was flat. Energy output fell 1.7%.
On a year-on-year basis, industrial production grew 1.2% in October, following a 0.8% rise in September, which was revised from 0.9%. According to RTT News, economists were looking for 0.8% growth.
But the overall picture is still one of limited growth. Eurozone economic growth halved to 0.2% in the third quarter with weaker spending, investment and exports.