Brussels, Belgium (4E) – The euro zone’s industrial production fell significantly in May, further evidence that the common currency area’s economic recovery continues to be weak.
Output from factories, mines and utilities dropped by 1.1 percent from April, according to a statement from the European Union’s statistics agency on Monday. The drop was the largest monthly decline since September 2012.
The figure increased 0.5 percent in May from a year-ago month.
Industrial production data can be volatile from month to month, and the drop in May decline does not necessarily indicate a turning point for the sector. However, the result comes as economic indicators show few signs for an economic pickup this year.
Monday’s result showed a broad-based drop in industrial output in May. While energy companies registered a rise in output, manufacturers of capital and consumer goods posted declines.
The drop also made an impact on most members of the euro area, with the Netherlands being alone among the developed economies in posting a rise in production.