A rare setback in the eurozone’s recent recovery.
Industrial production in the single currency area fell back in February, and output was lower than previously thought at the start of the year, according to data from Eurostat.
On a seasonally adjusted basis, industrial output fell by 0.3 per cent in February, in contrast to economist forecasts of a 0.1 per cent expansion. Revised data also showed production grew by only 0.3 per cent in January, in contrast to earlier estimates of a 0.9 per cent expansion.
Production in February was 1.2 per cent higher than the same month last year. That was an improvement on January’s 0.6 per cent expansion, but much lower than the 1.9 per cent predicted by economists.
The monthly decline was driven by falling energy and non-durable consumer goods production. Ireland suffered the biggest contraction among the countries for which local data are available, with production dropping 15.5 per cent.