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Euro zone industrial output weaker than expected in February

EUROPEAN UNION (OBSERVATORY) –¬†Euro zone industrial output was much weaker than expected in February as the increase in energy production did not offset the fall in capital and consumer goods production, data showed on Thursday.

The European Union’s statistics office said industrial output in the 19 euro-zone countries fell 0.8 percent month-on-month, while rising 2.9 percent year-on-year.

Economists polled by Reuters had expected industrial output to rise 0.1 percent on a monthly basis and 3.8 percent year-on-year.

Eurostat also revised its data for January to a 0.6 percent drop on a monthly basis from a 1 percent drop in previous estimates and a 3.7 percent annualized increase from 2.7 percent.

The weaker-than-expected industrial production came in February as a result of lower production in all categories, including intermediate and capital goods and durable and non-durable consumer goods, except for energy, which rose 6.8 percent on a monthly basis after a 1.1 percent drop in January.

Annual energy production rose 5.7 percent in February after a 8.9 percent drop in January, but all other components registered a year-on-year increase less than a month ago.