Eurozone Industrial Growth at 5-Month High

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%.

Eurozone industrial production rose 0.8% month-on-month in October 2025, the largest increase since May 2025, up from 0.2% in the previous month and in line with market expectations. Gains were broad-based, led by durable consumer goods (+2.0%), non-durable consumer goods (+1.2%), energy (+1.1%), capital goods (+0.5%), and intermediate goods (+0.3%). Among the Eurozone’s largest economies, output increased in Germany (+1.4%), Ireland (+4.0%), Spain (+0.9%), the Netherlands (+0.3%), and France (+0.2%), while it fell in Italy (-1.0%), Belgium (-3.4%), and Sweden (-6.5%). On an annual basis, industrial output grew 2.0% in October, marking a five-month high, accelerating from 1.2% in September and above forecasts of 1.9%.