Industrial output in eurozone rose only 0.7 percent - Eurostat

Euro zone industrial production increased less than expected in October, data showed on Tuesday, chiming with forecasts of slower growth in the fourth quarter as the currency area struggles to ward off a debt crisis.

European Union statistics office Eurostat said that industrial output in the 16 countries using the euro rose 0.7 percent month-on-month for an annual gain of 6.9 percent, Reuters says.

Crisis-torn Ireland, which has recently been bailed out to the tune of €85 billion, saw a 4.8% fall in production, the biggest fall in the euro zone.

The euro zone's largest economy, Germany, experienced a 3% gain in production - the country is currently driving the recovery of the euro zone.

In the meantime, industrial production in the 27-nation EU, rose 0.3% on the month, Finance Markets informs.