Eurozone Economic Outlook Dented by Industrial Output Drop

A sharper than expected decline in industrial production has weakened the prospects of a recovery in the eurozone economy in the final month of last year, the Financial Times reported. Industrial production in the single currency zone slid 2.1 per cent in December, according to figures published by Eurostat on Wednesday, confirming earlier reports of sharp drops in factory output in Germany, France and Italy. In the year to December, eurozone industrial production was down 4.1 per cent — its weakest performance since the region’s sovereign debt crisis in 2012. The news came as economists revised down their forecasts for eurozone economic growth in the current quarter and tried to assess how seriously the outbreak of the deadly coronavirus in China would disrupt European manufacturers’ exports and supply chains. Read more