Eurozone industrial production fell more than expected in December, which caused unpleasant surprise to analysts
It concerns both month-on-month and year-on-year basis.
Compared to November values, industrial production dropped in 2,1% during December. Yet, analysts counted on with industrial production drop in 1,6%. Worse results were registered also on year-on-year basis, markets expected fall of 2,3%, while the reality was twice as bad. These results followed November stagnation and October drop in almost 1%.
All main Eurozone economy experienced production reduction. Eurostat mentioned that the current number on industrial production could lead to data revision on economic growth of eurozone in last quarter of 2019.
Yet, in the end of January Eurostat reckoned GDP of Eurozone countries of last quarter of 2019 to be higher in 0,1%. December fall in industrial production was caused by production decrease of capital goods (machines and equipment), which implies lower investment volume and directly affect GDP.