The industrial output of the euro area contracted by 4.1% in March compared to the previous month, Eurostat said in its latest report on Monday, with the figure falling more than expected. In the European Union, industrial production narrowed by 3.6% on a monthly basis.
The production of capital goods was the biggest driver behind the downward movement of the index reading in March, plunging by 15.4% in the euro area and 12.9% in the bloc. The largest monthly decreases were registered in Ireland, tanking by 26.3%, followed by Sweden's drop of 3.9%, and Germany's 3.1% decline.
Compared to March 2022, the production in the euro area slipped by 1.4%, and fell by 1.3% in the European Union.
