Industrial production in the eurozone dropped 2.3 percent in February according to data released Thursday, as the economic contraction in the 16-nation region showed no sign of letting up.
AFP - Industrial production in the 16 euro countries fell 2.3 percent in February on a monthly basis, bringing the drop over 12 months to a record 18.4 percent, according to the Eurostat data agency on Thursday.
With the eurozone mired in recession, the industrial slump showed no sign of letting up in February after factory and refinery output fell in January 2.4 percent over one month and 16.0 percent over one year.
Economists had forecast that output fell 2.3 percent in February over one month and 17.5 percent over one year.
The February drop was driven by a 4.3-percent slump in the production of durable goods such as cars, followed by a 3.0-percent drop in capital goods such as machinery used to make other products.
In the 27-nation European Union, industrial production fell 1.9 percent in February, bringing the fall over 12 months to 18.4 percent.
Date created : 2009-04-16