Eurozone Industrial Production Rose for Seventh Month
Industrial production in the eurozone rose for the seventh straight month in November, aided by a surge in Irish output.
The European Union’s statistics agency said the output of factories, mines and utilities across the currency area for November was 2.5% higher than in October and just 0.6% lower than in November 2019.
The rise in output came as new coronavirus infections rose sharply and governments imposed new restrictions in an effort to limit the surge. The fresh wave of infections contributed to declines in industrial production in France, Italy, Spain and the Netherlands, four of the eurozone’s five largest economies.
However, output rose in Germany and soared in Ireland. Although Ireland’s economy is tiny by comparison with the eurozone’s largest member, the 52.8% rise in Irish output was large enough to push up the currency area’s total, which economists had expected to see rise by just 0.3%.
Source: Dow Jones