Eurozone Industrial Production contracts by 2% in October vs. -1.5% expected

Industrial Production in the euro area and the EU contracted in October.
EUR/USD stays in positive territory above 1.0650 after the data.

The data published by Eurostat revealed on Wednesday that Industrial Production in the euro area and the EU contracted by 2.0% and 1.9%, respectively, on a monthly basis in October. The market expectation was for a 1.5% decline in the euro area’s production.

When compared to October 2021, Industrial Production in the euro area grew by 3.4%, down from the 5.1% expansion recorded in September.

“In the euro area in October 2022, compared with September 2022, production of energy fell by 3.9%, durable consumer goods by 1.9%, intermediate goods by 1.3% and capital goods by 0.6%, while production of non-durable consumer goods rose by 0.3%,” the publication further read.