Eurozone industrial production rises less than expected
Eurozone industrial production rose less than expected in November, according to figures released by Eurostat on Wednesday.
Industrial production increased 0.2% on the month following a 0.9% decline in October, missing expectations of a 0.3% rise.
On the year, production fell 1.5% following a 2.6% decline in October and versus expectations of a 1.1% drop.
ING economist Bert Colijn said: "While German and Spanish production rebounded nicely with 0.9 and 1.1% growth respectively, it was mainly due to sharp declines in smaller countries that the eurozone average growth pace disappointed somewhat.
"Better energy and capital goods production masked declines in consumer goods and intermediates production, indicating that the small uptick was not at all broad-based."
Eurostat said in a separate release that the euro area’s unadjusted trade surplus with the rest of the world came to €20.7bn in November compared to €18.2bn in the same month a year ago. Analysts had expected a surplus of €23.3bn.
Adjusted for seasonal effects, the trade surplus came to €19.2bn in November from €24bn in October.
Colijn said: "The decline in exports was in part due to a wind-down of exports to the UK due to stock building ahead of the initial October 31 Brexit deadline. Overall, the exports environment remained subdued in November."