EUROZONE DATA
Eurozone December industrial production was in-line with our tracking estimate at -1.1% M/M, though it was significantly below consensus of -0.6% (although note that consensus was not updated for the large downside surprise to Italian IP yesterday). We estimate IP excluding Ireland fell more steeply by 1.9% M/M. The November reading was revised up to 0.4% M/M from 0.2% (in-line with our estimate).
- Four of the five subcomponents were lower than the November reading, with three out of four of these printing falls in production. Non-durable consumer goods on the other hand rose firmly.
- Intermediate goods fell 1.9% M/M, after two consecutive month increases of 0.3% in Oct and 0.5% in Nov.
- Capital goods production declined 2.6% M/M also after two successive sequential increase of 1.7% in Oct and 0.2% in Nov.
- Durable consumer goods decreased 0.7% M/M (after an increase of 2.0% in Nov and fall of 1.3% in Oct).
- Energy production increased 0.5% M/M, a slower pace of increased than the 2.1% seen in Nov.
- Meanwhile, non-durable consumer goods production rose a solid 5.1% M/M, after two consecutive monthly declines of 2.2% in Oct and a fall of 0.2% in Nov.
- For more on the country breakdown see our preview bullet (EUROZONE DATA: Industrial Production Set to Fall More Than Consensus, 13 February).
- The Q4 index fell, continuing the broad downtrend since mid-2023.
Source: Eurostat
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