Falling industrial production in the eurozone
Eurozone: Industrial production (Nov.): -1.7% m/m vs -1.5% expected (prior: 0.1% revised from 0.2%)
- IP y/y: -3.3% vs -2.1% expected (prior: 1.2%)
- Unfortunately this sharp decline cannot be attributed to a fall in energy production as energy output was only down 0.6% m/m in November, nor primarily to the auto industry as car production fell only slightly more than aggregate production (- 1.8%). Capital goods production fell by a particularly steep 2.3%.
- This adds to evidence that Q4 GDP growth in the eurozone was weak.
Turkey: Industrial production (Nov.): -0.3% m/m vs 0.2% expected (prior: -2.2% revised from -1.9%)
- IP y/y: -6.5% vs -5.4% expected (prior: -5.7%)
- Worst annual decline since November 2009.