Eurozone factories suffer record output slump: EU

By AFP

July 15, 2010 Updated Jun 14, 2009 at 9:41 PM CDT

Factories and refiners in the 16 countries using the euro cut their output at the fastest rate on record in April in the face of depressed demand, according to official EU figures on Friday.

The Eurostat data agency said eurozone industrial production fell 1.9 percent in April over one month, bringing the drop over 12 months to a record 21.6 percent, the sharpest annual contraction on record.

Economists had forecast a production slump of 0.6 percent in April over one month and 20.1 percent over one year.

In March, production had fallen 1.4 percent over one month and 19.3 percent over 12 months.

In the broader 27-nation European Union, industrial production also suffered steep declines, falling 0.9 percent in March over one month and 19.3 percent over one year.

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