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French industrial production for November beats expectations while other EU countries fail to perform as strongly
ADVERTISEMENTFrance’s industrial production grew by 0.5% in November, ending a three-month decline and surpassing economists’ predictions that it would remain at the same level as October.
The growth was fuelled by a boost in the energy sector and ongoing manufacturing expansion, which saw a 0.3% increase in production.
Other European countries, however, are not faring as well.
Germany, whose comparable data was released on Tuesday, showed the sixth consecutive monthly fall, reflecting the persistent challenges faced by the eurozone’s largest economy as a result of high energy prices and increased interest rates.
Moreover, a study by the German Institute for Economic Research (DIW) suggests that construction spending in the country is poised to decrease in 2024 for the first time since the financial crisis. The property industry is currently experiencing its most severe crisis in decades.
Stock markets rallied towards the end of last year amid expectations that global central banks would begin interest rate cuts early in 2024.
However, inflation in the eurozone surged in December to 2.9%, reversing six months of continual decrease and creating uncertainty about when the European Central Bank might consider reducing rates.
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