Industrial production in the eurozone fell far faster than expected in March, according to EU statistics office Eurostat. Industrial output declined by 1.2pc in March from February and was down 0.3pc from a year earlier. Economists had forecast a month-on-month fall of 0.8pc. Estimates for Ireland put the monthly decline in output at 5.6pc, while in France output eased 0.1pc and Germany edged up 0.3pc.
By sector in the eurozone, the sharpest monthly fall was in energy, down 4.2pc, followed by durable consumer goods - long lasting items such as computers and washing machines - and capital goods, both down 1.7pc. In a separate report, Eurostat said that the eurozone trade surplus narrowed to E1.6bn in March from E11bn a year ago as exports fell by more than 6pc. In the year to March, exports fell 6.3pc to E87.2bn while imports rose 4.2pc to E85.6bn. In the EU as a whole, the trade balance fell into the red in March, recording a E7.2bn deficit, against a surplus of E2.5bn in March 2002. //www.fxcentre.com