Eurozone industrial production declined 0.3% in February compared with expectations of a 0.1% increase for the month and the January data was revised significantly lower to an increase of 0.3% compared with the original estimate of 0.9%.
The decline in the IIP in February is mainly due to 2% contraction in manufacturing, which constitutes over 75% of the index.
During the last financial year from April-February, the IIP growth was almost flat at 0.4 per cent as against a growth of 2.6 per cent in the same period previous fiscal.
The non-durable consumer goods output shrank by 8.6 percent in the month over a contraction of 4.9 percent year ago.
The factory output had expanded by 1.9 per cent in the corresponding month of the previous year. "This clearly shows the fragile nature of industrial/ manufacturing growth which has been languishing consecutively for several years now", Sunil Kumar Sinha, Principal Economist, India Ratings & Research, said in a statement.
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For the 11 month period to February of the last financial year, IIP growth was almost flat at 0.4 percent as against 2.6 percent a year ago. Consumer inflation accelerated to 3.81% in March largely due to increased fuel prices, according to data separately released by the department.
Industrial output contracted by 1.2% in February while the retail inflation rose to 3.81% in March, prompting the industry to pitch for more reforms to deal with economic woes.
However, in line with global trends, retail inflation in the category of fuel and light shot up to 5.56 per cent in March compared to 3.9 per cent in February.
Prepared meals, snacks and candies prices were also high as prices grew by 6.13 percent.
Industrial growth contracted unexpectedly in February while consumer inflation quickened to a five-month high in March, a double setback for the Indian economy as it enters the new financial year. "The CPI reading for March 2017 is a positive surprise". If this is so, the RBI inflation forecast of 4-4.5 per cent will be materially undershot.