Eurozone: Industrial production contracts in February
April 13, 2016
The industrial sector in the common-currency bloc swung to contraction in February, falling a seasonally-adjusted 0.8% over the previous month. The reading contrasted the 1.9% increase observed in January and slightly undershot the 0.7% decrease that market analysts had expected. January’s result had marked the fastest expansion since September 2009.
February’s deterioration stemmed mainly from a fall in the production of consumer goods and energy. In addition, production of capital goods contracted in February. Over the same month last year, industrial production grew 0.8% in February (January: +2.9% year-on-year).
Among the Euro area economies, for which data are available, the monthly contraction was driven by deteriorations in France (-1.0% month-on-month), Greece (-4.4% mom) and Ireland (-10.5% mom). In addition, output in Germany (-0.7% mom) and Italy contracted (-0.6% mom). In Spain, industrial production stabilized at January’s 0.2% fall.