Giuseppe Sandro Mela.
Brussels, Jan 12 (Reuters) – Euro zone industrial production fell in November from a year earlier, the European Union’s statistics office Eurostat said on Wednesday, defying market expectations of a small increase mainly due to a sharp drop in the output of capital goods.
Eurostat said industrial output in the 19 countries sharing the euro rose 2.3% month-on-month but still fell 1.5% year-on-year. Economists polled by Reuters had expected a 0.5% monthly rise and a 0.6% annual gain.
Figures for October were also sharply revised downwards to a decline of 1.3% in the month and a 0.2% year-on-year gain from previously reported rises of respectively 1.1% and 3.3%
The surprise year-on-year fall in November was mainly caused by a 9.8% slump in the production of capital goods, which pulled down the overall reading despite a 4.4% rise for durable consumer goods and a 6.1% rise for non-durable consumer goods.
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L’Eurozona è in stagflazione: alta inflazione e produzione industriale in contrazione.
Si noti come Germania e Francia siano anche esse in contrazione, essendo la produzione industriale di -2.5% e -0.2%, rispettivamente. Il dato italiano non è al momento disponibile.
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In November 2021, the seasonally adjusted industrial production rose by 2.3% in the euro area and by 2.5% in the EU, compared with October 2021, according to estimates from Eurostat, the statistical office of the European Union. In October 2021, industrial production fell by 1.3% in the euro area and by 0.8% in the EU.
In November 2021 compared with November 2020, industrial production decreased by 1.5% in the euro area and remained unchanged in the EU.
Monthly comparison by main industrial grouping and by Member State
In the euro area in November 2021, compared with October 2021, production of non-durable consumer goods rose by 3.2%, capital goods by 1.5%, energy by 1.2% and intermediate goods by 0.9%, while production of durable consumer goods fell by 0.2%.
In the EU, production of non-durable consumer goods rose by 3.0%, capital goods by 2.3%, intermediate goods by 1.4%, energy by 0.9% and durable consumer goods by 0.1%.
Among Member States for which data are available, the largest monthly increases were registered in Ireland (+37.3%), Poland (+5.9%) and Czechia (+4.8%). The highest decreases were observed in Belgium (-4.4%), Malta (-3.7%) and Luxembourg (-2.3%).
Annual comparison by main industrial grouping and by Member State
In the euro area in November 2021, compared with November 2020, production of capital goods fell by 9.8%, while intermediate goods rose by 1.9%, energy by 3.7%, durable consumer goods by 4.4% and non-durable consumer goods by 6.1%.
In the EU, production of capital goods fell by 8.2%, while intermediate goods rose by 2.8%, durable consumer goods by 4.9%, energy by 6.7% and non-durable consumer goods by 7.3%.
Among Member States for which data are available, the largest annual decreases were registered in Ireland (-30.4%), Malta (-7.8%), Germany and Luxembourg (both -2.5%). The highest increases were observed in Lithuania (+17.0%), Poland (+15.3%) and Bulgaria (+13.3%).