Eurozone industrial production falls a little more than expected

Industrial output in the Eurozone fell a little more than expected in February, according to data from Eurostat.

Output was down 0.8% versus expectations of a 0.7% drop.

Non-durable consumer goods fell by 1.8%, energy by 1.2%, durable consumer goods by 0.4% and capital goods by 0.3%. The production of intermediate goods remained stable.

On the year, production was 0.8% higher, missing expectations of a 1.2% increase.

Capital goods rose by 3%, intermediate goods by 1.9%, durable consumer goods by 0.8% and non-durable consumer goods by 0.7%, while energy production dropped 5.2%.

Capital Economics said: “We do not think that this is the beginning of a significant turnaround. The boost to domestic demand growth from falling energy prices probably has little further to run. And the impact of the euro’s previous falls on external demand growth appears to have faded."

Pantheon Macroeconomics said this was a downbeat report, "but not catastrophic given the jump in output in January".