Urgent.. Industrial production in the Eurozone comes in better than expected in November.

The European Statistics Office, Eurostat, released data on industrial production in the Eurozone this morning, Friday, revealing that industrial production in the region contracted at the fastest pace since May 2023.

According to the incoming data, the change in industrial production registered 0% in November compared to the previous October, which was better than market forecasts that predicted a contraction in industrial production in the Eurozone of 0.1%. The previous reading for October showed a contraction of 1.5%, having been revised from a deeper contraction of 2%.

On a year-on-year basis, industrial production contracted by 1.2% in November compared to November of the previous year, which was better than market expectations that forecasted a contraction of 1.9% in industrial production in the Eurozone. The previous reading for October recorded a contraction of 2.2%, having been positively revised from a deeper contraction of 2.8%.

The industrial production index is considered one of the key indicators for measuring economic activity within the Eurozone, as production reacts quickly to the ups and downs of the business cycle, and industrial production is linked to consumer conditions such as employment levels and profits.