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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.