Eurozone industrial production fell more than expected in September, data showed on Wednesday, underlining expectations that the economy contracted in the third quarter and entered a recession. Production in the 15-country area fell 1.6 percent month-on-month and 2.4 percent year-on-year, the European Union statistics body said. Economists polled by Reuters had expected a 1.3 percent monthly fall and a 0.9 percent annual decrease.
The year-on-year decline in overall production was the fifth in a row. The eurozone economy shrank 0.2 percent in the second quarter and the European Commission estimates it contracted by 0.1 percent in the third, adding up to two consecutive quarters of negative growth - a recession. The biggest drop occurred in the production of durable consumer goods, which fell 2.5 percent on the month and 6.7 percent in annual terms, the Eurostat data showed.
Comments
Comments are closed.