Industrial production in the euro zone grew less than expected in November, data released today showed.
European Union statistics office Eurostat said today that seasonally adjusted industrial production in the 12 countries then using the euro rose 0.2 per cent month-on-month for a year-on-year increase of 2.5 per cent.
Economists polled by Reuters had expected a 0.8 per cent monthly rise and a 3.1 per cent annual gain.
Industrial production is a key indicator of economic activity. Economists had expected it to pick up in the last quarter, with German consumers seen bringing forward purchases before a 3 percentage point increase in value-added tax from the start of 2007.
But economists also noted a discrepancy between the output numbers and more upbeat business surveys, and said the production figures could be still revised upwards.
The output data may influence the European Central Bank's rate plans later this year, some economists said.
Monthly output growth was strongest in capital goods, up 1.2 per cent after two months of shrinking production. Durable consumer goods output also rebounded in November, rising 1 per cent after two weak months, and energy rose 0.9 per cent.