EZ Oct Industrial Production Beats Expectations

EZ IP: +2.1% m/m, -3.8% y/y (vs. cons +1.9% m/m, -4.3% y/y); Prev (Sep): -0.4% m/m, -6.8% y/y

The EZ industrial sector rose by 2.1% in Oct, slightly stronger than markets expected.

Sep's growth rate was revised up to 0.1% from -0.4% previously reported. Annual production improved to -3.8% in Oct, coming in better than markets anticipated. All categories except for non-durable consumer goods output (-2.1pp to 0.0%) showed monthly improvements in Oct with durable consumer goods (+4.7pp to 1.5%) revealing the largest gain.

Intermediate goods and energy output both ticked up 1.4pp to 2.1% and 1.8%, respectively, while capital goods production edged up 1.7pp to 2.36% in Oct.

Among the member states for which data is available, Belgium (+6.9%), Germany (+3.4%) and Slovenia (+3.1%) saw the biggest m/m gains. On the other hand, Greece (-3.0%), Lithuania (-1.7%) and Slovakia (-1.2%) posted the only declines in the Eurozone.