Industrial production in the Eurozone fell at the fastest rate in almost four years

Industrial production in the Euro area at the end of 2019 showed the highest decline in nearly four years.

the Volume of industrial production in 19 countries of the Eurozone in December fell by 2.1% compared to the previous month, according to data from the Statistical office of the European Union (Eurostat).

According to revised data, in November industrial production showed zero growth, while the previously reported rise of 0.2%.

on a yearly basis, industrial production fell in December by 4.1%. In November there was a decrease of 1.7%, not 1.5% as originally reported.

economists Polled by Reuters had forecast a decline in industrial production in December by 1.6% month-on-month and 2.3 percent on year.

the Volume of industrial production in the 27 EU countries in December fell by 2% month-on-month and 3.9 percent on year.

industrial Production in Germany, the largest economy in the Eurozone in December fell by 2.5% compared with the previous month after increasing 1% in November. The fall of 7.2% in annual terms followed November’s decline of 3.8%.

In France, in December there was a decline in industrial production by 2.9% month-on-month and by 3.2% — in annual. In Italy recorded a drop of the first rate of 2.7 percent, the second — by 4.3%.

Industrial production is one of the major GDP components of the Eurozone along with services.

According to preliminary data of Eurostat, the Eurozone GDP growth in the fourth quarter slowed to 0.1 percent from 0.3 percent in the third quarter.