European industrial production fell more quickly than anyone expected

The industrial production figures out from Europe on Friday aren’t good.

In December 2015 seasonally adjusted industrial production fell by 1.0% in both the euro area and the wider European Union of 28 member states, according to estimates from Eurostat, the statistical office of the European Union.

That’s a big drop from November 2015, when industrial production fell by 0.5% and is far worse than analysts’ estimates of a 0.3% rise.

Perhaps most worryingly for Mario Draghi, president of the European Central Bank, industrial production is falling more quickly in the Eurozone than outside it.

Here’s the chart.

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