Eurozone Industrial Output Misses Expectations

Eurozone industrial production fell 1.5% month-on-month in January 2026, following a revised 0.6% decline in December and missing market expectations of a 0.6% increase. It was the sharpest monthly drop since April 2025, driven by declines across key sectors: non-durable consumer goods fell 6.0% (vs. 0.4% in December), capital goods dropped 2.3% (vs. -0.7%), durable consumer goods slipped 1.9% (vs. -0.1%), and intermediate goods fell 1.9% (vs. -0.2%). Energy output, however, rebounded 4.7% after two consecutive months of contraction. Among the Eurozone’s largest economies, output decreased in Germany (-1.3%), Italy (-0.6%) and Spain (-0.5%), but rose in France (0.5%) and was unchanged in the Netherlands (0.0%). On an annual basis, industrial production fell 1.2%, marking the first yearly decline in a year and falling short of analysts’ expectations for 1.4% growth.

Eurozone industrial production declined by 1.4% month-on-month in December 2025, reversing a downwardly revised 0.3% increase in November and broadly matching expectations for a 1.5% fall. The reading marked the steepest monthly contraction since April 2025, snapping a three-month streak of gains, driven by lower output of capital goods (-1.9% compared with +2.6% in November), as well as decreases in energy (-0.3%), non-durable consumer goods (-0.3%), and intermediate goods (-0.1%). In contrast, production of durable consumer goods edged up 0.2%, rebounding from a 1.8% drop in the previous month. On an annual basis, industrial production growth slowed to 1.2% in December from 2.2% in November, slightly below forecasts of 1.3%. For 2025 as a whole, industrial output rose by 1.5%.

Eurozone industrial production increased by 0.7% month-on-month in November 2025, matching October’s pace and exceeding market expectations of 0.5% growth. Capital goods output surged 2.8%, up from 0.5% in the previous month, while intermediate goods growth slowed to 0.3% from 0.9%. Production fell in energy (-2.2% vs 1.3%), durable consumer goods (-1.3% vs 2.4%), and non-durable consumer goods (-0.6% vs -0.4%). On an annual basis, industrial production expanded 2.5%, up from 1.7%, marking the largest year-on-year increase since May and surpassing forecasts of 2.0%.