European industry just had another shocking month

The eurozone’s industrial production fell 0.7% in November, far worse than the consensus expected by economists.

The latest data released by Eurostat on Wednesday morning shows a contraction far higher than the 0.3% that had been expected.

Year-on-year data also failed to meet expectations, with production growing just 1.1%, instead of the expected 1.3%.

When it comes to individual nations within the single currency, Portugal, Malta, and the Netherlands were the worst fallers. Their production fell by 4.9%, 3.7%, and 3.1% respectively

Industrial production in the eurozone is still lagging behind levels recorded as long ago as 2010, and is absolutely miles less than the levels seen before the financial crisis began.

Here’s a graph to show just how much the Eurozone’s industrial production is stuttering:

Wednesday’s release follows on from an equally poor set of data from the UK, where industrial production fell by 0.7% in the month of November. That news scorched any hope that UK GDP growth accelerated in the final quarter of 2015.

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