Euro zone industrial production fell by far more than expected in March as output of capital goods plunged, although the sharp reduction appeared to be a result of figures from Ireland, which are typically volatile.
The European Union's statistics office Eurostat said today that industrial production in the 20 countries sharing the euro fell by 4.1% month-on-month in March for a 1.4% year-on-year decline.
Economists polled by Reuters had expected a 2.5% monthly decrease and a 0.9% year-on-year gain.
Industrial production in Ireland fell 26.3% in the month and by 26.1% from a year earlier.
Eurostat noted that the Central Statistics Office here was reviewing its methodology for calculating the seasonal adjustment for industrial output.
Eurostat said the output of capital goods - goods such as buildings and equipment used to make products and provide services - fell by 15.4% on the month. Year-on-year, the decline was 2.1%.
All other components of industrial production declined, except that of durable consumers goods, which roes 2.8% in the month, although was down 0.8% from a year earlier.
