- Chris Williamson, chief economist at Markit
The industrial output in the Eurozone shrank again in November, however, at a slower pace than in the previous month, indicating that the sector is still struggling to gain the momentum. According to the report by the European statistics office Eurostat, a slowdown in industrial output eased to a 0.3% contraction, following a revised decline of 1.0% in October. On a yearly basis, the gauge, which reflects a total change in the total inflation-adjusted value of output produced by manufacturers, decreased 3.7%, which was larger than the 3.3% decline reported in October.
"The euro zone manufacturing sector remained entrenched in a steep downturn at the end of the year. The region's recession therefore looks likely to have deepened, possibly quite significantly, in the final quarter," said Chris Williamson, chief economist at Markit.
"I remain confident that 2012 will go down in history as the year when it all turned," Erik Nielsen, London-based chief global economist at UniCredit SpA (UCG), wrote in a note to clients. "I wouldn't be surprised if the 2013 recovery turns out somewhat stronger than expected."
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