Production increase in October of 2.1 percent compared to the previous month
Eurozone industry continues its recovery from the severe Corona slump in spring. In October, companies increased their production by 2.1 percent compared to the previous month, as the Eurostat statistics office announced in Luxembourg on Monday. Analysts had expected slightly weaker growth of 2.0 percent on average. The result for the previous month of September was revised from an initial minus 0.4 percent to plus 0.1 percent.
Production growth in October was broad. Almost all relevant areas increased noticeably. The production of capital goods increased particularly significantly. The results were similar in the European Union (EU).
The year-on-year comparison shows how severe the crisis is: compared to October 2019, industrial production is still 3.8 percent lower. Nevertheless, the industry came out of the crisis much better than the service providers, who are suffering much more from the new Corona restrictions.
