EUROZONE INDUSTRIAL PRODUCTION RESILIENT THANKS TO EXPORTS

Due to an oddity in the Irish numbers last month, the industrial production figures have jumped around a bit. Probably best to look at levels and not monthly growth rates here, which show that industrial production is now 2.3% below pre-crisis levels. This means a strong outperformance of the total economy as the second wave has so far been defied.

It’s not like industry doesn’t have problems of its own though. Production is increasingly impeded by supply chain delays. This is curbing the recovery of production somewhat and indeed growth has slowed over the course of 4Q. Still, given the adverse domestic economic environment, the slowing of growth has been better than expected.