The rapid pace of the eurozone's economic contraction shows few signs of slowing, with industrial production down almost 20 per cent year-on-year in February and inflation dissipating, official data showed yesterday.
The 18.4 per cent fall in output in the 16-country region – the largest since records began in 1990 – highlighted the severity of the global slowdown. Monthly comparisons offered little sign of stabilisation, with the 2.3 per cent drop in February compared with January only slightly lower than the 2.4 per cent fall reported the month earlier.
Compared with the US or UK, the “glimmers of hope are less prevalent in the eurozone”, said Colin Ellis, European economist at Daiwa Securities SMBC.
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