- Chris Williamson, Markit's chief economist
Production among the 17-nation Eurozone manufacturers showed a sharp turnaround in December, adding to signs that the region's economy is starting to recover, the statistical office of the European Union Eurostat said Wednesday. On an annual basis, industrial production declined by 2.4% in December, while on a monthly basis, a gauge of industrial output added 0.7% in the last month of 2012, reversing the previous month's 0.7% decrease. Analysts, however, expected only a 0.2% rise. The monthly gain was mostly supported by durable consumer goods along with non-durable consumer goods, which were the most rising sectors, as both increased by 2%. At the same time, capital goods added 1.3% in the reported period.
"The Eurozone is showing clear signs of healing, with the downturn easing sharply in January and the region moving closer to stabilization in the first quarter," said Chris Williamson, Markit's chief economist.
"The fourth quarter is probably the trough of the cycle, Draghi is hopeful that it will be," said Marchel Alexandrovich, an economist at Jefferies International Ltd. in London. "We should see some improvement in economy in the first half of this year. The question is, whether it's strong enough" given the risks that lie ahead, he said.
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