According to the report from the Eurostat, in October, eurozone industrial production was unchanged after falling by 1.5% in September (revised from -2%). Economists had expected a decrease of 0.1%. In annual terms, industrial production decreased by 1.2%, slowing compared to September (-2.2%, revised from -2.8%). Consensus estimates suggested a drop by 1.9%. Meanwhile, among the countries of the European Union, industrial production increased by 0.3% on a monthly basis and fell by 0.8% per annum.
Eurostat reported that compared with September, industrial production in the eurozone remained stable for intermediate goods, decreased for energy (-1,9%), durable consumer goods (-1,8%) and non-durable consumer goods (-2.3%), but increased by 1.7% for capital goods.
Meanwhile, the decline in industrial production in the eurozone compared to October 2023 was caused by a drop in production of intermediate goods (-3.5%), energy (-1.0%), capital goods (-1.7%) and durable consumer goods (-3.2%). Production growth was recorded only for non-durable consumer goods (+3.3%).
As for the EU countries, the largest annual decreases were recorded in Belgium (-7.9%), Germany (-4.9%) and Italy (-3.6%). The highest increases were observed in Ireland (+15.2%), Denmark (+8.6%) and Malta (+6.2%).