Industrial Production in Euro Area and EU Rises, Remains Below October 2019 Level

October 2020 industrial production rose by 2.1% in the euro area and 1.9% in the EU, according to Eurostat press release. The industrial production increase was higher than the September 2020 growth of 0.1% in the euro area and 0.3% in the EU. In October 2020, compared with October 2019, industrial production fell by 3.8% in the euro area and by 3.1% in the EU. 

• In the euro area, production of capital goods rose by 2.6% from September, intermediate goods by 2.1%, energy by 1.8%, and durable consumer goods by 1.5%, while production of nondurable consumer goods remained unchanged
• Compared to October 2019, production of capital goods in the euro area fell by 8.2%, nondurable consumer goods by 2.1%, and intermediate goods by 1.3%, while production of durable consumer goods rose by 0.3% and energy by 0.1%.
• In the EU, production of capital goods rose by 2.6% from September, intermediate goods by 2.1%, durable consumer goods by 1.3%, and energy by 1.2%, while production of non-durable consumer goods fell by 0.4%.
• Compared to October 2019, production of capital goods in the EU fell by 7.1%, non-durable consumer goods by 2.4%, energy by 1.5%, and intermediate goods by 0.5%, while production of durable consumer goods rose by 2.3%.
• The highest increases in industrial production from September 2020 was registered in Belgium (6.9%), Germany (3.4%), and Slovakia (3.1%)
• The largest declines in industrial production were observed in Denmark at –(5.8%), Greece (-3.0%), and Lithuania (–1.7%)
• Compared to October 2019, the highest increases in industrial production were observed in Belgium (+5.4%), Poland (+3.4%), and Croatia (+2.8%)
• Compared to October 2019, the largest decreases in industrial production were registered in Ireland (-15.5%), Denmark (-9.2%), and France (-4.3%)

European stocks and the Euro are gaining. DAX is up 0.97%, FTSE 100 is up 0.065%, EURUSD is up 0.19%