January 11, 2018 / 10:18 AM / 2 months ago

Euro zone November output stronger than expected

BRUSSELS (Reuters) - Euro zone industrial output was higher than expected in November, underlining the strong economic momentum of the single currency area that is enjoying its fastest growth in a decade.

FILE PHOTO: A worker works on parts of S-Bahn commuter city train at German railway operator Deutsche Bahn's maintenance plant Schoeneweide in Berlin, Germany January 10, 2017. REUTERS/Fabrizio Bensch/File Photo

The European Union’s statistics office Eurostat said on Thursday that industrial production in the 19 countries sharing the euro rose 1.0 percent in November against October and was 3.2 percent higher than a year earlier.

Economists polled by Reuters had expected a 0.8 percent monthly rise and a 3.0 percent year-on-year gain.

The stronger than expected growth was mainly thanks to a surge in the production of capital goods, demand for which rises when investment goes up, as well as intermediate goods and durable consumer goods.

Industrial production is one of the main components of euro zone gross domestic product, alongside services.

Euro zone GDP rose 0.6 percent quarter-on-quarter in the third quarter of 2017 and was 2.6 percent higher year-on-year and investment and household consumption were the biggest contributors to the quarterly figure.

Reporting By Jan Strupczewski; editing by Philip Blenkinsop

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