Eurozone Industrial Production Rises 1.8 Percent in November

Euro zone industrial production rose in November at its fastest pace in nearly four years, in an encouraging signal that the bloc’s economic recovery strengthened in the final quarter of 2013.

Industrial production across the euro zone jumped by a faster-than-expected 1.8 percent on the month, the biggest increase since May 2010 and rebounding after an upwardly revised 0.8 percent drop in October, the EU’s statistics office Eurostat said on Tuesday.

“Today’s industrial production figures make for encouraging reading and will fuel hopes of a sustained recovery in 2014,” said ING bank economist Martin van Vliet.

“However, with production still more than 10 percent below its pre-crisis peak there is still a long way to go before full recovery is achieved.”

The monthly rise was fuelled by a 3.0 jump in the output of capital goods and a 2.2 percent rise in the production of durable consumer goods, such as electronics and cars.

Economists in a Reuters poll had expected production to increase 1.4 percent on the month, against a previously reported 1.1 percent decline in October.

Compared with the same period of last year, industrial production rose 3.0 percent in November after an upwardly revised 0.5 percent rise in October.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza