Eurozone industrial production up more than expected in October

Industrial production in the Eurozone rose 0.6% in October from the previous month, according to data released by Eurostat.

The figure surpassed economists’ expectations of a 0.3% rise, while industrial production on the year rose 1.9%, also beating estimates.

Durable goods rose 1.8%, capital goods grew by 1.4% and energy by 0.6%, while non-durable consumer goods were up 0.4%.

Intermediate goods, used for the production of other goods, fell 0.1% on the month but rose 1.5% on the year.

“A strong start to the fourth quarter for manufacturing in the euro area,” said Pantheon Macroeconomics.

“Assuming no further change over the quarter, production will rise 0.2% quarter-on-quarter in Q4, up slightly from 0.1% in the third quarter. This estimate is very uncertain at this point in the quarter, but looks reasonable based on leading indicators.”