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October 24, 2021

Eurozone factory output falls again in November

Output from eurozone factories fell by 0.3 per cent in November, according to the latest official figures from EU body Eurostat, BBC reports. The drop marks the third successive month of decline.  The fall comes in spite of analysts’ forecasts of a rise and means production is now 3.7 per cent lower than a year ago.However, the pace of decline is slowing, and November’s fall compares to a 1 per cent drop in October. The eurozone countries which saw the sharpest falls in November on a monthly basis were Portugal, where output fell 3.4 per cent and Spain, which saw a 2.5 per cent drop.Despite the falls, which are an indicator of lower economic activity, analysts said there were signs that the worst was over.Production of capital goods, which includes machinery to make other goods, rose 0.7 per cent in November from October, following two successive months of decline, suggesting future business was likely to pick up. “The worst is behind us. We believe that the euro area will exit recession in the first half of this year,” said David Mackie, an economist at JP Morgan. “The risk of a eurozone break-up was a major drag on businesses last year, but this year we are beginning to see some stabilisation,” added Ulrike Rondorf, an economist at Commerzbank.

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