Eurozone’s Industrial Production fell by 3.7 per cent
Baku, January 17 (AZERTAC). On 14 January, Eurostat announced that in November 2012 compared with November 2011, Eurozone’s Industrial production fell by 3.7 per cent. This was the third straight month decline.
Compared with December 2012, the industrial production fell by 0.3 per cent, both in Euro area and EU27. Regarding EU27, industrial output also fell by 3.3 per cent compared with November 2011.
In comparison with December, industrial production fell in fourteen Member States and rose in seven. The largest decrease was registered in Slovenia (-4.0 per cent), followed by Portugal (3.4 per cent) and Spain (2.5 per cent). On the other hand, by far the highest increase was recorded in Estonia (4.7 per cent), followed by Latvia and the Netherlands (both 1.0 per cent). Energy was the sector which faced the largest fall In November 2012 compared with October 2012 (down by 1.6 per cent in the Eurozone and by 0.7 per cent in the EU27.) Non-durable consumer goods fell by 1.2 per cent in both zones. Moreover, the production of durable consumer goods declined by 1.1 per cent in the Eurozone and by 1.4 per cent in theEU27. Intermediate goods dropped by 0.3 per cent and 0.4 per cent respectively. The exception was recorded in Capital goods (i.e factories, machinery) which grew by 0.7 per cent in the euro area and by 0.5 per cent in the EU27.
Despite the unsatisfactory results, German Finance Minister Wolfgang Schaeuble said on 11 January that the single currency is “over the worst of the crisis.” Hoping to an improved EU financial market during 2013, Howard Archer, chief European economist at IHS Global Insight told AP that “If that happens, businesses may become more prepared to place manufacturing orders that had been delayed or cancelled.”
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