EU Industrial Production Turns Negative for December
Industrial production turned negative again in Europe, declining by 1.6% in December
Industrial production recuperated in the Eurozone after the lockdowns ended last spring, posting decent expansion in the last few months. But the restrictions have returned again with the partial lockdowns which are hurting the economy, and today’s industrial production report for December showed a decline, as a result of the increased restrictions that month.
Manufacturing and industrial activity have been keeping the European economy going, since services are in a recession. So if this sector also falls into recession, another broad economic recession is underway in Q1.
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Industrial Production Report by Eurostat – 15 February 2021
- December industrial production MoM -1.6% vs -0.8% expected
- November production MoM was+2.5%; revised to +2.6%
- Industrial production WDA YoY -0.8% vs -0.2% expected
- Prior production YoY -0.6%
Factory output declined more than expected in December, as tighter restrictions weighed on industrial activity. That said, this is very much a lagging data point with the Q4 GDP report already out and the market being more focused on the outlook this year.
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