Eurozone manufacturing output surprisingly decreases.
In a surprising turn of events, production in the eurozone's industries dipped by 0.1% in April as compared to the preceding month, counter to what experts previously anticipated. The decline in output was revealed by the EU's statistics office.
In a survey of experts by Reuters, there was an expected rise of 0.2%. Following this, there was a 0.5% (previously 0.6%) increase in production in March compared to the month prior. Compared to the previous year, the production in April fell by 3%.
The production of investment goods like machinery and vehicles saw an increase of 0.7% when compared to the previous month. Durable consumer goods manufacturers also saw a 0.3% increase in April. However, energy suppliers experienced a rise of 0.4%. The downside was the decrease of 0.4% in intermediate goods' manufacturing.
The eurozone's economy picked up at the start of 2023, with 0.3% growth in the first quarter. The year-end GDP for the 20-country region, comprising Portugal to Cyprus, saw a contraction of 0.1% at the end of 2022. The EU Commission forecasts an increase of 0.8% in the GDP for this year, followed by a growth of 1.4% in 2024.
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Despite the anticipated rise of 0.2% in industrial production, as per a Reuters survey, the EU Statistics Office reported a surprising 0.1% decrease in April within the Euro zone. This dip coincides with a more substantial 3% decline compared to the same period last year.
