Eurozone industrial output drops more than expected in March

ANKARA

Industrial production in the euro area dropped more than expected in March, shifting from a growth in the previous two-month period, official figures revealed on Monday.

Industrial output in the single-currency zone dove 4.1% month-on-month in March, following a hike of 1.5% in February and 1% in January, Eurostat data showed.

The figure was worse than market estimates of a 2.5% decrease for the month.

The production of capital goods plunged 15.4%, intermediate consumer goods fell 1.8% and energy went down 0.8%.

The production of durable consumer goods, on the other hand, edged up 2.8% from a month ago.

In the EU, industrial production also contracted in March, falling 3.6% on a monthly basis after February's 1.4% hike.

Among the member states with available data, the largest monthly decreases were in Ireland with minus 26.3%, in Sweden with minus 3.9%, and in Germany with minus 3.1%, according to Eurostat.

The highest monthly hikes were in Finland with 3%, in Slovenia with 2.3%, and in the Czech Republic and Slovakia both with 1.7%.

On a yearly basis, industrial output narrowed by 1.4% in the euro area and 1.3% in the EU.

The eurozone/euro area, or EA19, represents member states that use the single currency – the euro, while the EU27 includes all member countries of the bloc.