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Financial News: Eurozone Industrial Production Falls At Record Pace

Eurozone Industrial Production Falls At Record Pace

06/12/2020 - 05:41:00 (RTTNews)

(RTTNews) - Eurozone industrial production declined at a record pace in April due to the coronavirus containment measures, data from Eurostat showed Friday.

Industrial output decreased 17.1 percent on a monthly basis in April, following an 11.9 percent drop in March. Production was expected to decline 20 percent.

This was the largest monthly fall recorded since the start of the series and bigger than the reductions seen during the global financial crisis.

On a yearly basis, industrial production fell by a record 28 percent in April after easing 13.5 percent in March. Economists had expected a 29.5 percent fall.

Overall, industrial production in the euro area has fallen to the level last seen in the mid-1990s.

Among major components, durable consumer goods output declined the most in April, down 28.9 percent from March. Capital goods output decreased 26.6 percent and intermediate goods production was down 15.6 percent. The decline in non-durable consumer goods output was 11.9 percent.

In the EU27, industrial output declined 17.3 percent from March and decreased 27.2 percent from the same period last year.

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