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BREAKING NEWS

BREAKING NEWS

Euro zone industry output drops again, dragged down by Germany

Euro zone industry output drops again, dragged down by Germany
FILE PHOTO: A worker works on parts of S-Bahn commuter city train at German railway operator Deutsche Bahn's maintenance plant Schoeneweide in Berlin, Germany January 10, 2017. REUTERS/Fabrizio Bensch -
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Fabrizio Bensch(Reuters)
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BRUSSELS (Reuters) – Euro zone industrial production fell for a second consecutive month in April due to a sharp decline in Germany and a slight fall in Italy, data showed on Thursday.

European Union statistics office Eurostat said output in the 19 countries sharing the euro dropped by 0.5% on the month, in line with market expectations, and by 0.4% year-on-year.

The monthly fall in April followed a 0.4% decrease of the industrial production in March and a flat reading for February.

Output was driven down by a 1.7% drop in durable consumer goods, more than reversing a pick-up in April. Production of intermediate goods and capital goods also declined by 1.0% and 1.4% respectively.

The only positive components were output of energy and of non-durable consumer goods, although the latter very slightly.

Germany, the euro zone’s largest economy, suffered a 2.3% drop, while output in Italy, the zone’s third largest economy, declined for a second straight month, by 0.7%. Production in France, the number two economy, rose by 0.4%.

(Reporting by Philip Blenkinsop)

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