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Eurozone Industrial Output Slump Eases Less Than Expected

Eurozone's industrial production decreased at a slower pace in December, but the rate of fall exceeded economists' forecast, latest data showed Wednesday.

Industrial production decreased 2.4 percent on an annual basis in December, following the previous month's 4 percent fall, Eurostat said. Economists had forecast a more modest decline of 2.3 percent.

Production of intermediate goods decreased 4.6 percent annually, Output of durable consumer goods and non-durable consumer goods declined 3.9 percent and 1.3 percent respectively from a year earlier, while capital goods production dropped 2.9 percent.

Output of energy products, meanwhile, increased 1.2 percent compared to December 2011, data showed.

In the European Union, overall industrial production dropped at a slower rate of 2.3 percent in December than the 3.6 percent fall seen in November.

On a monthly basis, industrial production in the euro area increased 0.7 percent in December, reversing the previous month's 0.7 percent decrease. Economists had forecast a 0.2 percent rise. In the EU, production edged up 0.5 percent month-on-month.

by RTTNews Staff Writer

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