Money | eurozone Eurozone Industrial Output Down for 3rd Month Points to continuing recession in 4th quarter By Newser Editors and Wire Services Posted Jan 14, 2013 8:25 AM CST Copied German Chancellor Angela Merkel addresses the media during a joint press conference after a meeting with the Prime Minister of Malta, Lawrence Gonzi, unseen, at the chancellery in Berlin, Germany, Wednesday, Jan. 9, 2013. (AP Photo/Michael Sohn) Industrial output across the 17 European Union countries that use the euro fell in November for the third straight month, official figures showed today, in a further sign that the region likely remained mired in recession for the fourth quarter of 2012. The 0.3% monthly decline reported by Eurostat, the EU's statistics office, was worse than expected. The consensus in the markets was that output would increase a modest 0.1% during the month. Even though the rate of decline eased following the 2.3% and 1% drops reported in September and October, respectively, the figures are likely to cement market expectations that the recession in the eurozone has deepened. Year-on-year, industrial production in the eurozone was down by 3.7%. Industrial output is particularly important in the eurozone, not least in Germany, Europe's largest economy, where output rose by a monthly rate of 0.1%. Though the increase in Germany was a turnaround from big falls in the previous two months, it's clear that the country's high-value exporters, such as its major car manufacturers, are struggling in a tough European marketplace. Read These Next Rubio says the fate of Iran's conversion facility is what matters. Her blood isn't compatible with anyone else's. Some of the most explosive Diddy allegations are dropped. NJ lifeguard survives after being impaled by an umbrella. Report an error