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14 Jan 2015
EMU: production rises unexpectedly in November - KBC
FXStreet (Guatemala) - Analysts at KBC noted that Euro zone industrial production rose unexpectedly in November.
Key Quotes:
"Showing its third consecutive monthly gain".
"Production increased by 0.2% M/M, while a flat outcome was expected. Also the previous month’s figure was upwardly revised, from 0.1% M/M to 0.3% M/M".
"The breakdown shows that strength was based in durable consumer goods (1.9% M/M) and to a lesser extent also in intermediate goods (0.3% M/M) and non‐durable consumer goods (0.5% M/M)".
"Energy production fell by 0.9% M/M and output of capital goods dropped slightly, by 0.2% M/M. National data are however very mixed. Production rebounded sharply in Ireland (4.6% M/M) and rose slightly in Italy (0.3% M/M), the Netherlands (0.5% M/M) and Luxembourg (0.3% M/M). In Germany, production was stable, but output dropped in Greece, Spain and France".
"Compared with the same period last year, euro zone production is down by 0.4%, confirming that activity remained poor in the euro area. While the data are a positive for fourth quarter growth, it is needless to say that activity in the euro area remains sluggish due to poor external demand and the slow recovery in the euro area".
Key Quotes:
"Showing its third consecutive monthly gain".
"Production increased by 0.2% M/M, while a flat outcome was expected. Also the previous month’s figure was upwardly revised, from 0.1% M/M to 0.3% M/M".
"The breakdown shows that strength was based in durable consumer goods (1.9% M/M) and to a lesser extent also in intermediate goods (0.3% M/M) and non‐durable consumer goods (0.5% M/M)".
"Energy production fell by 0.9% M/M and output of capital goods dropped slightly, by 0.2% M/M. National data are however very mixed. Production rebounded sharply in Ireland (4.6% M/M) and rose slightly in Italy (0.3% M/M), the Netherlands (0.5% M/M) and Luxembourg (0.3% M/M). In Germany, production was stable, but output dropped in Greece, Spain and France".
"Compared with the same period last year, euro zone production is down by 0.4%, confirming that activity remained poor in the euro area. While the data are a positive for fourth quarter growth, it is needless to say that activity in the euro area remains sluggish due to poor external demand and the slow recovery in the euro area".