European industry just had another shocking month

Angela Merkel

REUTERS/Michaela Rehle

The eurozone's industrial production fell 0.7% in November, far worse than economists were expecting. 

The latest data released by Eurostat on Wednesday morning shows a contraction far higher than the consensus forecast of 0.3%.

Year-on-year data also failed to meet expectations, with production growing just 1.1%, instead of the expected 1.3%.

When it comes to individual nations within the single currency, Portugal, Malta, and the Netherlands were the worst fallers. Their production fell by 4.9%, 3.7%, and 3.1% respectively

Industrial production in the eurozone is still lagging behind recorded levels from five years ago, and it is still absolutely miles less than the levels seen before the financial crisis began. 

Here's a graph to show just how much the Eurozone's industrial production is stuttering:

Screen Shot 2016 01 13 at 10.01.27

REUTERS/Michaela Rehle

Wednesday's release follows on from an equally poor set of data from the UK, where industrial production fell by 0.7% in the month of November. That news scorched any hope that UK GDP growth accelerated in the final quarter of 2015.

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