Some optimistic news from the Eurozone today.
Industrial production in the economic area increased three per cent year-on-year in November - over double the 1.4 per cent consensus prediction and comfortably exceeding the small increase of 0.5 per cent (revised up from 0.2 per cent) seen between October 2012 and October 2013.
The figures, released by Eurostat, showed that, month-on-month, production in the sector increased 1.8 per cent in November, exceeding analysts' expectations and following October's drop of 0.8 per cent (revised up from -1.1 per cent).
Portugal and Italy spearheaded growth in the area, with respective 1.5 per cent and one per cent increases seen quarter-on-quarter. Germany, France and Spain saw more subdued growth.
Over in Greece, prospects remain unpromising, however, with industrial production looking set to contract for a third successive quarter (current -1.9 per cent quarter-on-quarter) and at a quicker pace (the third quarter saw a 1.5 per cent decline).
IHS' Howard Archer says:
Indeed, it now looks probable that industrial production saw pretty decent expansion across the Eurozone in the fourth quarter of 2013, although it has to be remembered that it can be highly volatile from month to month.
We estimate that Eurozone GDP growth picked up to 0.3 per cent quarter-on-quarter in the fourth quarter of 2013.