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Output in the eurozone’s industrial sector slipped for the second consecutive month in March, defying expectations of a return to growth at the end of the first quarter.
Official figures show industrial production shrank 0.1 per cent month on month in March but February’s 0.3 per cent pullback was revised up to a 0.1 per cent decline. Analysts had expected the March figures to rebound in a quarter that has been marked by strong survey data from across the continent’s factories.
Greek industry was among the worst performing in the month, contracting 2 per cent, followed by the Netherlands at -1.7 per cent. Ahead of its presidential elections which kicked off in April, French output grew 2 per cent – the best in the eurozone.
Overall, year on year eurozone output was still 1.9 per cent higher compared to March 2016.
Chart via Bloomberg