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16 May, 2023 05:46

Eurozone posts unexpected manufacturing numbers

Industrial production weakened more than predicted in March, according to Eurostat
Eurozone posts unexpected manufacturing numbers

Industrial output in the Eurozone suffered a significant decline of 4.1% month-over-month in March, below market expectations, data from the statistics office Eurostat showed on Monday. 

In annual terms, the figure was down by 1.4%. Industrial production throughout the EU saw a 1.3% year-on-year fall and 3.6% monthly drop.

The decline was the most substantial since the pandemic-induced plunge. The downturn was driven by a sharp decrease in the production of capital goods, such as buildings and equipment used to make products and provide services, which nosedived 15.4%. Output also declined for intermediate goods (by 1.8%), energy (0.9%) and non-durable consumer goods (0.8%).

According to Eurostat, most major economies in the bloc using the euro currency posted significant declines, with Ireland having suffered the worst monthly output plunge of 26.3%. Germany’s industrial production declined by 3.1%, while France and Italy saw drops of 1.1% and 0.6%, respectively. Spain, meanwhile, was a rare relative bright spot, with industrial production growth of 1.4%.

Economists have been raising concerns, warning that for the months ahead the outlook for industry looks dim, as weaker demand is offsetting the effect of lower energy costs for energy-intensive industries.

For more stories on economy & finance visit RT's business section

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