Eurozone industrial production dropped more than expected in May, data from Eurostat revealed on Wednesday.
Industrial output fell 1 percent on a monthly basis, reversing a revised 0.6 percent rise in April. The pace of decline exceeded the economists’ forecast of -0.2 percent.
Year-on-year, industrial production growth eased to 20.5 percent in May from 39.4 percent in April. Economists had forecast output to climb 22.2 percent.
All components of production, except durable consumer goods, declined in May from April. Production of non-durable consumer goods dropped the most, by 2.3 percent, followed by a 1.9 percent decrease in energy output.
Capital goods and intermediate goods output dropped 1.6 percent and 0.2 percent, respectively. Meanwhile, durable consumer goods production grew 1.6 percent.
Industrial production in the EU27 fell 0.9 percent on month in May but grew 21.2 percent from the same period last year.