HomeNewsLatest NewsEurozone Output Suffers Sharpest Fall Ever Due To Coronavirus Outbreak

Eurozone Output Suffers Sharpest Fall Ever Due To Coronavirus Outbreak

Production of tangible consumables like cars, washing machines and television sets dropped the most, dropping 26.3% for the month and by 24.2% year-on-year.

Latest figures that were released by the European Union has shown that industrial production dropped by 11.3% in the eurozone in March. This is the sharpest monthly decline that has ever been recorded since 1991.

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The figure is almost three times worse than any single month during the financial crisis and represents a 12.9% drop from the same period in 2019.

Production of tangible consumables like cars, washing machines and television sets dropped the most, dropping 26.3% for the month and by 24.2% year-on-year.

While capital goods like heavy-duty machinery and equipment dropped by 15.9% but non-durable goods like food only dropped by 1.6% as people stocked up for the lockdown.

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Germany, a big exporter of capital goods and durable consumer goods, saw its industrial production fall by 14.2%, while the Republic of Ireland recorded a 25.3% increase, largely driven by food production.

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ViaBBC
Alice Campbell for SurgeZirc UK
Alice Campbell for SurgeZirc UK
Alice Campbell is a highly skilled and experienced royal writer, currently working with SurgeZirc UK. With a passion for journalism and a keen interest in the royal family, Alice has established herself as a prominent figure in the field.
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