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Eurozone industrial output dips after strong start to year

BRUSSELS – Official figures show that industrial output across the 19-country eurozone fell by a monthly 0.8 per cent in February but the sector remains on course to boost quarterly growth across the region.

The decline reported by Eurostat was in line with expectations and was largely due to a sharp decline in production of non-durable consumer goods and energy. All four of the eurozone’s top economies — Germany, France, Italy and Spain — recorded monthly output falls.

Despite the drop, eurozone industrial output remains sharply higher this year following the 1.9 per cent increase reported in January. If output doesn’t fall dramatically in March, the sector, which accounts for around 20 per cent of eurozone economic output, will make a positive contribution to first-quarter economic growth across the region.