Industrial production across the 16 eurozone countries declined sharply in October, ending five months of expanding output, official statistics showed on Monday. Industrial production across the eurozone fell by 0.6 percent in October, after a rise of 0.2 percent in September, and fell by 11.1 percent on an annual basis, according to the European Union's Eurostat agency.
Detailed figures compared to one year earlier showed heavy falls across the board, with energy production down by 6.8 percent and production of durable consumer goods like fridges and televisions down by 14.9 percent and capital goods collapsing by 16.3 percent.
More than one million fewer people were classed as working across the European Union in the third quarter of 2009 compared to the previous three-month period, Brussels said on Monday. Added Howard Archer of IHS Global Insight: "The disappointing relapse... is a reminder that the eurozone still faces a difficult economic environment and a tough job to develop healthy, sustainable recovery.
"This reinforces belief that the European Central Bank should only gradually withdraw its emergency liquidity measures and keep interest rates down at 1.00 percent until deep into 2010, particularly as underlying inflationary pressures currently remain muted."
AFP
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