Industrial production across the 17 countries that shared the euro in November rose at the fastest pace in three and a half years, an indication that the currency area's economy likely grew for the third straight quarter as 2013 drew to a close.
The surprisingly strong rise in output from the euro zone's factories removes some doubts about the sustainability of the economic recovery. While business surveys have been positive during the three months through December, hard data had been weak, with industrial production, construction output and retail sales having fallen in October.
Figures released last week showed retail sales rose at the fastest pace on record in November, and the jump in industrial production suggests it was a strong month for the euro-zone's economy.
The European Union's statistics agency said industrial output was 1.8% higher than in October, and 3% higher than the year-earlier month. This was a stronger outcome than expected, with 26 economists surveyed by The Wall Street Journal last week estimating that output rose 1.4% on the month earlier.
Figures for October were revised higher, and Eurostat now estimates that output fell 0.8% during the month, having previously calculated they fell 1.1%.
The rise in output compared with the month earlier was the largest since May 2010, when output jumped 2%, while when compared with the year-earlier period, the increase was the largest since August 2011, when output surged 5.5%.
The increase in industrial production was spread across much of the euro zone, with Germany recording a 2.4% rise, France a 1.4% increase, Spain a 1% rise and Italy a more modest 0.3% increase. Output also rose in Ireland and Portugal, but fell 2.2% in Greece. Estonia was the only other member to record a decline.
The rise was also spread across a number of different industries, led by manufacturers of capital goods, and including makers of intermediate and non-durable consumer goods. Manufacture of durable consumer goods fell 0.8%, however, an indication that households haven't yet become confident enough about their prospects to make large purchases, such as of household appliances and cars.
Latvia became the 18th member of the euro zone at the beginning of this year.
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