Sun. Mar 24th, 2019

Germany and Spain push industrial production in the Eurozone to its biggest fall since 2012

Germany and Spain push industrial production in the Eurozone to its biggest fall since 2012

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The industrial production of the euro area during the past month of November an annual fall of 3.3%, which represents the biggest collapse dthe data since November 2012, after Germany recorded the largest year-on-year decrease in data since the end of 2009, with a drop of 5.1%, while in Spain the decrease observed was the most marked since May 2013, with a decrease of 2.8%, according to the data published by Eurostat.

In monthly terms, the industrial production of the Eurozone ha retroceded a fall of 1.7% over the previous month, when the data rebounded one tenth among the countries of the euro zone, as a consequence of the monthly fall of 1.9% in Germany, 1.6% in Spain and Italy, as well as 1.3% in France.

In this way, in the set of the Twenty-eight, the industrial production In November, it suffered a decline of 1.3% compared to October, when it had increased 0.1%. Compared to November 2017, the industrial production data of the EU fell 2.2%, after increasing 1.3% in October, the worst reading of the interannual figure since February 2013.

Among the countries whose data were available, the worst monthly evolution of industrial activity corresponded to Irlanda (-7.5%), Portugal (-2.5%), Germany and Lithuania (both -1.9%), while the largest increases were observed in Estonia (4.5%), Greece (3.1 %) and Malta (2.6%).

Compared to November 2017, lThe biggest setbacks of industrial production were recorded in Ireland (-9.1%), Germany (-5.1%), Portugal (-2.9%) and Spain (-2.8%). In contrast, the most significant increases were observed in Estonia (7.9%), Poland (5.3%) and Hungary (3.5%).

"The fears of a technical recession in the large eurozone economies are increasing, since the industrial production in November provided a hard reality to economists, "said Bert Colijn, ING senior economist for the euro zone, after learning the bad data on industrial production in the euro zone. euro zone and its four largest economies.

In this regard, the expert has stated that if the growth of GDP in the eurozone does not improve 0.2% in the third quarter "It will be difficult for the ECB to maintain its forecast growth of 1.7% for this year, "noting that this will increase doubts about the first rate hike in the eurozone, since" the first weeks without QE have not left much room for celebration to hawks. "


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