Eurozone currently stuck in a recession, recovery later this year.
March 13, 2013
by ASSOCIATED PRESS
BRUSSELS — Official figures show that industrial production across the 17 European Union countries that use the euro fell by 0.4% in January.
Eurostat, the EU’s statistics office, added that production for durable consumer goods in the eurozone fell by 1.4%, with capital good manufacturing dropping by 1.2%.
Among the eurozone member countries that reported production figures, Germany registered a 0.4% decline, France a drop of 1.2% and Finland a fall of 4.1%.
The 17-country eurozone is currently stuck in a recession and is not expected to recover until the latter part of this year. Unemployment in the region is at an all-time high of 11.9%.
Industrial output across the wider 27-member EU also fell by 0.4% for January, Eurostat added.