Industrial output in the eurozone has experienced a greater decline than expected in September, indicating a continued low demand for goods within the bloc.
According to recent figures published by European Union statistics agency Eurostat, total production fell by 1.1% on a monthly basis, marking a significant reversal from the 0.6% increase recorded in August. Economists had anticipated a smaller decline of 0.8% for September.
These findings align with survey data from the eurozone’s purchasing manufacturers, which revealed weakened sentiment in October due to persistently low demand.
The decline in output was primarily driven by the manufacturing of consumer goods, as both durable and nondurable product output saw a decrease of 2.1% on a monthly basis. Additionally, energy output also dipped by 1.3%, according to Eurostat.
When examining larger eurozone nations individually, Germany experienced a 1.6% decline in output, France saw a 0.5% decrease, while Italy remained flat and Spain observed a growth of 1.0%.
These figures highlight the ongoing challenges facing the eurozone as it attempts to stimulate industrial production and address sluggish demand.