According to the report, eurozone industrial production increased in October - the forecasts of economists came true. At the same time, the largest increase in comparison with the previous month was shown by the sector of production of consumer goods and durable goods, and the volume of production of short-term goods is even leading year-on-year.
Manufacturing in the eurozone is growing - the economic recovery pushes the numbers up
The statistical office Eurostat reported that industrial production in 19 countries using the euro increased by 1.1% in October compared to the previous month. This is 3.3% more compared to the same period last year.
Median estimates of economists predicted growth of 1.2% per month and 3.2% per year.
Eurostat reported that compared with September, the volume of industrial production of goods produced with the attraction of investments increased by 3.0% after falls in August and September. On an annualized basis, the production of such goods increased by 5.2%, which shows the volume of flows that hit the financial and production segments.
The output of durable goods also rose sharply, increasing by 1.7% for the month and 2.3% for the year, while the production of consumer goods for short-term use was 6.9% higher than a year earlier, continuing the general trend of strong growth in the previous months.
Of course, the economic recovery will not last forever. Some economists even believe that a sharp rise in demand, combined with supply disruptions and further quarantine measures, may over-stimulate inflation. Nevertheless, against the background of restrictions in energy resources, the recovery of the eurozone economy looks optimistic.
This is likely to push the euro up, especially against the background of sad news from the United States about the growth of consumer prices. March Euro Stoxx 50 futures have grown well after the release of the data.