Euro-area industrial production unexpectedly fell in November as declines in Italy and Spain offset a return to growth in Germany.
Output in the 17-nation euro area dropped 0.3 percent from October, when it declined a revised 1 percent, the European Union’s statistics office in Luxembourg said today. Economists had forecast an increase of 0.2 percent, according to the median of 37 estimates in a Bloomberg News survey. Output fell 3.7 percent from the year-earlier period.
The European Central Bank estimates the euro-area economy contracted 0.5 percent in 2012 and will shrink 0.3 percent this year. Manufacturing output shrank for a 17th month in December, according to Markit Economics, adding to signs a recession in the currency bloc may extend into this year as leaders struggle to tackle the debt crisis.
Industrial output in Germany, Europe’s largest economy, increased 0.1 percent after a 2 percent decline in October, today’s report showed. French production rose 0.5 percent, while Italy and Spain reported declines of 1 percent and 2.5 percent, respectively.
Energy production dropped 1.6 percent after a 0.3 percent decline in October, according to today’s report. Output of durable and non-durable consumer goods fell 1.1 percent and 1.2 percent, respectively, while production of capital goods rose 0.7 percent.
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