| Consensus | Consensus Range | Actual | Previous | Revised | |
|---|---|---|---|---|---|
| Month over Month | 0.9% | 0.5% to 1.0% | 0.2% | -1.2% | -1.1% |
| Year over Year | 2.3% | 1.4% to 2.4% | 1.2% | 1.1% |
Highlights
Euro area industrial activity showed signs of recovery in September 2025. Industrial production rose by 0.2 percent compared with August, reversing part of the 1.1 percent revised decline recorded the previous month. The annual picture is more positive, with output 1.2 percent higher than in September 2024, suggesting steady improvement despite recent volatility.
The monthly breakdown shows mixed momentum across industrial groups. Intermediate goods and capital goods both grew by 0.3 percent, indicating stabilising supply chains and investment-related activity. Energy production recorded the strongest rise at 1.2 percent, possibly reflecting seasonal demand or improved generation capacity. However, consumer-facing sectors remained weak. Durable consumer goods fell by 0.5 percent, while non-durables saw a sharper 2.6 percent decline, pointing to subdued household spending.
On an annual basis, the pattern shifts. Intermediate goods, energy, capital goods and non-durables all recorded growth, while durable consumer goods declined by 3.0 percent, highlighting longer-term weakness in big-ticket purchases. The combination of short-term recovery and uneven sectoral performance suggests an industrial landscape still adjusting to cost pressures, changing demand, and external uncertainties.
Overall, the figures present a cautiously improving picture, with industrial resilience concentrated in energy and investment-related sectors. This latest update takes the RPI to 1 and the RPI-P to minus 8, meaning that economic activities are now within the expectations of the euro zone economy.
The monthly breakdown shows mixed momentum across industrial groups. Intermediate goods and capital goods both grew by 0.3 percent, indicating stabilising supply chains and investment-related activity. Energy production recorded the strongest rise at 1.2 percent, possibly reflecting seasonal demand or improved generation capacity. However, consumer-facing sectors remained weak. Durable consumer goods fell by 0.5 percent, while non-durables saw a sharper 2.6 percent decline, pointing to subdued household spending.
On an annual basis, the pattern shifts. Intermediate goods, energy, capital goods and non-durables all recorded growth, while durable consumer goods declined by 3.0 percent, highlighting longer-term weakness in big-ticket purchases. The combination of short-term recovery and uneven sectoral performance suggests an industrial landscape still adjusting to cost pressures, changing demand, and external uncertainties.
Overall, the figures present a cautiously improving picture, with industrial resilience concentrated in energy and investment-related sectors. This latest update takes the RPI to 1 and the RPI-P to minus 8, meaning that economic activities are now within the expectations of the euro zone economy.
Market Consensus Before Announcement
Output expected up 0.9 percent on month and 2.3 percent on year in September after dropping 1.2 percent and rising 1.1 percent respectively in August.
Definition
Industrial production measures the physical output of factories, mines and utilities. The measure provided by Eurostat excludes the volatile construction subsector for which data are released a few days later.
Description
Industrial production measures changes in the volume of output for the EMU's member states. The industrial production index provides a measure of the volume trend in value added at factor cost over a given reference period, excluding VAT and other similar deductible taxes. The preferred number is industrial production excluding construction. As with other EMU statistics, the data are provided by the national statistics offices to Eurostat (the European Union statistical agency) where it is combined to produce an overall output measure.
Investors want to keep their finger on the pulse of the economy because it usually dictates how various types of investments will perform. The stock market likes to see healthy economic growth because that translates to higher corporate profits. The bond market prefers more subdued growth that will not lead to inflationary pressures. By tracking economic data such as industrial production, investors will know what the economic backdrop is for these markets and their portfolios.
Investors want to keep their finger on the pulse of the economy because it usually dictates how various types of investments will perform. The stock market likes to see healthy economic growth because that translates to higher corporate profits. The bond market prefers more subdued growth that will not lead to inflationary pressures. By tracking economic data such as industrial production, investors will know what the economic backdrop is for these markets and their portfolios.
