Eurozone: Eurozone industrial production registered a bigger-than-expected decline in December 2024 due to sharp falls in capital and intermediate goods output, figures from the Eurostat Statistical Office revealed today.

According to Oman News Agency, industrial output fell 1.1% in December 2024 from November. The fall was deeper than the forecast of 0.6% and also reversed the 0.4% increase in November. Among major industrial groupings, only non-durable consumer goods and energy production improved from the last month, up 5.1% and 0.5%, respectively.

Output of capital and intermediate goods slid 2.6% and 1.9%, respectively. Production of durable consumer goods fell 0.7%. Year-on-year, the fall in industrial production worsened to 2% from 1.8% in November. Economists had forecast a sharper fall of 3.1%.

The annual average industrial production for the year 2024 decreased 1.7% from the previous year, data showed. In the European Union (EU), industrial output dropped 0.8% on month, taking the annual decrease to 1.7% in December.

The largest monthly decreases were recorded in Belgium, Portugal, and Austria. Meanwhile, the highest increases were reported in Ireland, Luxembourg, and Croatia.