EURO AREA INDUSTRIAL OUTPUT DECLINED LESS THAN EXPECTED

In February industrial production (excluding construction) declined by -0.2 % MoM in the Euro Area. Thus , the year on year growth rate has reached -0.3 % (from -0.7 % in January after an upward revision from -1.1 %) recording a negative growth rate for the fourth month in a row. The figures released today are a bove consensus expectations (-0.6% MoM and -1% YoY) . However, they remain in line with what the available surveys have been pointing to , i.e . a decline of the industrial output over the first quarter.