Europe is entering an industrial slowdown, with industrial production in the eurozone dropping in February.
According to the latest data released by Eurostat, the European statistical authority, industrial production across the single currency area dropped by 0.8% in February, down from a 1.9% increase in January, and a quicker fall than the 0.7% drop expected by economists.
Here’s how that looks:
On a year-to-year basis, production increased by 0.8% from February 2015. That was also lower than expected. Forecasts had priced a 1.2% increase from the same period last year.
Individually, the countries in Europe where production is struggling the most are Ireland, Greece, and Croatia. Production in those countries dropped 10.5%, 4.4%, and 1.6% respectively.
Not all countries struggled this month, with Lithuania, Slovakia, and Malta seeing the biggest increases in production.
On a sector-to-sector basis so-called non-durable consumer goods — stuff like cosmetics and cleaning products, food, fuel, beer, cigarettes, and medication — were the worst performing, dropping 1.8%. Production in the energy sector fell 1.2%.
Eurostat’s figures follow on from a disappointing set of UK manufacturing production data. The ONS’ figures came in far below expectations in February, and signalled worrying times for manufacturing in the country. Manufacturing production fell by 1.1%.
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