Eurozone Industry Suffers End of 2013 Reverse 2/12/14
February 12, 2014
LONDON — Official figures show that industry across the 18-country eurozone suffered a reverse at the end of 2013.
Eurostat, the EU's statistics office, says Wednesday that industrial production fell a monthly 0.7 percent in December, more than the 0.3 percent contraction anticipated in the markets.
As a result, industrial output increased a quarterly 0.3 percent in the fourth quarter. Though up on the flat reading of the previous three-month period, it provides further evidence that the eurozone economic recovery is failing to gain much momentum.
On Friday, the first estimate of eurozone growth is published. The consensus in the markets is that the region eked out quarterly growth of 0.2 percent, just ahead of the previous quarter's 0.1 percent. Analysts said Wednesday's figures represent a downside risk to the consensus.