May’s decline marks the first contraction in three months, defying expectations of a 0.2% rise and accelerating annual losses.
Eurozone industrial production dropped 0.2% month-over-month in May, surprising analysts who had forecast a matching 0.2% increase. The decline follows a revised 0.3% gain in April, initially reported at 0.1%.
Annual industrial output contracted 1.2%, deepening from April’s 0.4% expansion and missing estimates of a 0.5% decline. The data underscores persistent weakness in the region’s manufacturing sector.
EUR/USD showed little reaction, holding near 1.1424 after the release.