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Ending the year in style.
Industries in the eurozone enjoyed their best month since the start of the year in November, easily beating forecasts to grow by 1.5 per cent month on month.
Rising industrial production, as measured by Eurostat across the 19-country bloc, suggests the eurozone economy picked up pace in the last quarter of the year after Germany – its largest economy – notched up the best annual GDP growth since 2011.
Year on year, the month’s output numbers were 3.2 per cent higher compared to the same month last year. The monthly numbers were pushed up by a bumper 16.3 per cent expansion in Ireland, 3.5 per cent rise in the Netherlands and 2.2 per cent growth in France.
“It seems likely that eurozone industry growth accelerated significantly in the fourth quarter”, said Bert Colijn at ING.
“The question remains whether political uncertainty will not further hinder investment as the eurozone political agenda is packed in the months ahead”, he said.
Eurozone GDP grew by 0.3 per cent in the third quarter and will accelerate to around 0.8 per cent if December’s figures are unchanged from November, said Jack Allen at Capital Economics.