Jump in Eurozone industrial production boosts economic growth outlook

 
Chris Papadopoullos
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Industrial production rose on the year in Italy, Spain and France, but declined in Germany (Source: Getty)

Industrial production in the Eurozone rebounded in October after two months of decline, according to new figures released this morning.

Output from Eurozone factories, quarries and mines,​ jumped 0.6 per cent in October compared with September.

On the year, industrial production across the currency bloc was up 1.9 per cent.

The figures, published by Eurostat, the statistical office of the European Commission, showed the biggest annual gain was in durable consumer goods, which includes things like fridges, cars and mobile phones. Production of durable consumer goods was up 4.2 per cent.

The fastest annual growth was in Ireland, where production is 14.6 per cent higher. It also climbed at healthy rates in France, Spain and Italy, but declined 0.1 per cent in Germany, the Eurozone's biggest economy.

Claus Vistesen from Pantheon Macroeconomics said it was "a strong start to the fourth quarter for manufacturing in the euro area".

Howard Archer, chief economist at analyst IHS, said it was "very decent news on the Eurozone growth front". Archer believes the Eurozone economy could grow 0.5 per cent in the final three months of the year, its fastest growth since the start of the year.

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