Eurozone industrial production drops more than expected in April

Industrial production in the Eurozone slowed sharply in April, falling more than forecast. According to data released by Eurostat, the European Union’s statistical office, output declined by 2.4% month-on-month, compared to an upwardly revised +2.4% in March. The drop was steeper than the -1.6% contraction expected by analysts.

On an annual basis, production increased by 0.8%, down from the +3.7% recorded in March (revised figure) and below market expectations of a 1.4% rise.

The latest figures point to persistent weakness in the industrial sector despite signs of resilience earlier in the year, and add to uncertainty about the pace of recovery in the Eurozone economy.