Eurozone Industrial Output Down for 3rd Month

Points to continuing recession in 4th quarter

By Newser Editors and Wire Services

Posted Jan 14, 2013 8:25 AM CST

(Newser) – Industrial output across the 17 European Union countries that use the euro fell in November for the third straight month, official figures showed today, in a further sign that the region likely remained mired in recession for the fourth quarter of 2012. The 0.3% monthly decline reported by Eurostat, the EU's statistics office, was worse than expected. The consensus in the markets was that output would increase a modest 0.1% during the month.

Even though the rate of decline eased following the 2.3% and 1% drops reported in September and October, respectively, the figures are likely to cement market expectations that the recession in the eurozone has deepened. Year-on-year, industrial production in the eurozone was down by 3.7%. Industrial output is particularly important in the eurozone, not least in Germany, Europe's largest economy, where output rose by a monthly rate of 0.1%. Though the increase in Germany was a turnaround from big falls in the previous two months, it's clear that the country's high-value exporters, such as its major car manufacturers, are struggling in a tough European marketplace.

German Chancellor Angela Merkel addresses the media during a joint press conference after a meeting with the Prime Minister of Malta, Lawrence Gonzi, unseen, at the chancellery in Berlin, Germany, Wednesday, Jan. 9, 2013.
German Chancellor Angela Merkel addresses the media during a joint press conference after a meeting with the Prime Minister of Malta, Lawrence Gonzi, unseen, at the chancellery in Berlin, Germany, Wednesday,...   (AP Photo/Michael Sohn)
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