Factory output across Europe continued to collapse in November, which will cause economists to extend the period during which they expect most nations in the region to stay in recession, as well as raise the question of whether austerity can improve the long-term financial situations of troubled nations.
According to EuroStat:
In November 2012 compared with October 2012, seasonally adjusted industrial production fell by 0.3% in both the euro area (EA17) and the EU272. In October production decreased by 1.0% and 0.8% respectively.
In November 2012 compared with November 2011, industrial production dropped by 3.7% in the euro area and by 3.3% in the EU27.
Spain, with its unemployment rate at about 25%, was among those countries that took the worst of it:
Among the Member States for which data are available, industrial production fell in fourteen and rose in seven. The largest decreases were registered in Slovenia (-4.0%), Portugal (-3.4%) and Spain (-2.5%), and the highest increases in Estonia (+4.7%), Latvia and the Netherlands (both +1.0%).