Eurostat says Eurozone factory output beats expectation as recovery gathers momentum

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Eurostat says Eurozone factory output beats expectation as recovery gathers momentum

On Friday, data from the EU’s statistics office Eurostat had unenveloped that the 26-member bloc’s industrial output fell less than anticipated in a relatively quiet last month of Q3, 2021, mostly boosted up by an upsurge in output of non-durable consumer goods such as clothing ahead of an all-important holiday season.

In point of fact, latest upbeat factory output data from Eurostat came against the backdrop of a baleful manufacturing landscape with a number of caustic setbacks dampening growth momentum, however, the eurozone economy seemed to have weathered a rise in delta cases alongside a global-scale supply chain constraint much-better than many of its counterparts.

Eurozone factory activity rises late in third-quarter

According to Eurostat data released late on Friday, industrial output in 19 countries of the bloc sharing a common currency, euro, fell 0.2 per cent in Sept on a month-on-month (MoM) basis, however, eurozone factory output soared as much as 5.2 per cent over past twelve months through September, wildly beating an analysts’ estimate of an increase of 4.1 per cent.

In tandem, a break-off of Friday’s Eurostat data had revealed that non-durable consumers goods’ production gained 1.0 per cent compared to a month earlier and jumped as much as 8.5 per cent higher on an annualized basis, as both wholesalers alongside retailers were reportedly emptying up their vaults ahead of an all-important holiday season stockpile.

Apart from that, productions of high-profit margin durable goods, climbed 0.5 per cent on September on an MoM basis and soared 1.1 per cent on a year-on-year (YoY) basis. However, energy outputs remained unaltered on both MoM and YoY basis.