Eurozone industrial production continues to slow in April

Industrial production within the single currency bloc continued slowing in April, with a slowdown in output of capital goods weighing on growth.

Total output rose by 0.5% in comparison to the prior month, while the year-on-year rate of growth slowed from 2.2% for March to 1.4% in April, according to Eurostat.

Economists had penciled in an increase of 0.5% month-on-month and a rise of 1.3% year-on-year.

From a country perspective, the most significant deceleration in industrial activity was seen in France, where growth slowed from 2.5% year-on-year in March to 0.6% for April, while in Italy it declined from a 2.9% pace to 1.0%.

By industry groups the largest slowdown was evident in capital goods, production of which fell back from an annualised pace of 3.7% in March to 1.0% for April.

Energy production on the other hand nearly recovered, slipping by just 0.1% on the year after having shrunk by 5.1% during the previous month.

In terms of monthly rates of change, energy was the strongest segment, with output bouncing back by 4.7% after two sharp consecutive monthly drops.

The remaining sectors saw slower growth month-on-month, with production of intermediate goods up by 0.1% versus a 0.6% rise in March and output of capital goods down by 0.7% after growth of 0.9% the month before.

Production of consumer goods also slowed, with that of durables rising by 0.6% after jumping 2.1% in March and that of non-durables increasing by 0.2% after a 1.7% rise in the prior month.