The week
Industrial production remained weak in the Eurozone, as newly released data suggested a further contraction in Germany and Italy. Accordingly, Germany industrial production fell -2.6% YoY in November, followed by a 0.6% YoY decline in Italy.
Comment
Despite the generalized improvement on a monthly basis, industrial production remains weak and under pressure in Germany and Italy, affecting the Eurozone in the aggregate. As a matter of fact, industrial production continues to contract in the two core countries where the manufacturing sector weighs the most, highlighting how the long-lasting uncertainty affecting it is not fading away yet. More positive results characterized France and Spain, where industrial production improved on a yearly basis respectively by 1.2% and 2.1%. Importantly, capacity utilization continues to decline in all major countries.
