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Financial News: Eurozone Industrial Production Falls Sharply In March

Eurozone Industrial Production Falls Sharply In March

05/13/2020 - 05:24:00 (RTTNews)

(RTTNews) - Eurozone industrial production decreased sharply in March, as several countries went into lockdown to slow the spread of the coronavirus, or Covid-19, pandemic, preliminary data from Eurostat showed on Wednesday.

Industrial production decreased 11.3 percent month-on-month, which was slightly less than the 12.1 percent slump economists had forecast. In February, output fell 0.1 percent.

Among different industrial groups, durable consumer goods logged the biggest decrease of 26.3 percent. Capital goods and intermediate goods also logged double-digit declines.

On a year-on-year basis, industrial production decreased 12.9 percent in March after a revised 2.2 percent drop in February. In the EU, industrial production fell 10.4 percent monthly, after remaining unchanged in February. Compared to the same month last year, production shrunk 11.8 percent.

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