Euro Area Output Improves; Greek Jobless Rate at 21.8%

Arthi Gupta
12 Apr, 2012
New York City

Industrial production in the euro area and Spanish leading economic index rose in February. Greek jobless rate jumped to a record high of 21.8% in January. Inflation in France increased but in Portugal slowed to 7-month low in March.

[R]4:00 PM Frankfurt – Industrial production in the euro area and Spanish leading economic index rose in February. Greek jobless rate jumped to a record high of 21.8% in January. Inflation in France increased but in Portugal slowed to 7-month low in March.[/R]

Euro-zone Output Improves

Industrial production in the euro area increased 0.5% on a monthly basis in February, after remaining flat in January, data released by statistics office Eurostat showed today. Production in the 27-member European Union edged higher 0.2% on a monthly basis in February.

Production of durable consumer goods and non-durable consumer goods decreased 2% and 1.6% respectively in February and intermediate goods production fell 1.4%.

On an annual basis, industrial output declined 1.8% in February compared to the 1.7% fall in January.

Greek Jobless Rate Climbs, Import Price Index Eases

The Greek jobless rate rose to 21.8% in January from 14.8% a year ago, labor force survey from the Hellenic Statistics Authority showed today. In December 2011, the rate was 21.2%.

The number of unemployed totalled 1.08 million.

Separately, Greece''s import price index eased to 7.8% on an annual basis in February compared to the 8.7% growth in January, data released by the Hellenic Statistics Authority showed today.

Import prices of intermediate goods rose 1.1% annually, while capital goods prices decreased 0.5% in February.

On a monthly basis, import prices slowed to 1% in February from the 2.2% growth in January.

Spanish Leading Index Up

Spain''s leading economic index increased to 105.5 on a monthly basis in February, data from a survey by the Conference Board showed today.

The coincident economic index, which measures the current situation, fell 0.1% sequentially to 98.4 in February.

French Inflation Increases, Deficit Widens

France''s harmonized index of consumer prices increased 2.6% on an annual basis in March compared to 2.5% rise in February, data released by statistics office Insee showed today.

Separately, the French current account deficit widened to €5 billion in February from €4.4 billion in January, the Bank of France said today.

The deficit in trade in goods widened to €6.6 billion in February from €5.8 billion a month ago. And the surplus in services rose to €1.3 billion in February from €0.7 billion in January.

Portuguese Inflation Slows

Portugal''s annual inflation slowed to 3.1% in March from 3.6% in February, data released by Statistics Portugal showed. The latest rate was the lowest since August 2011.

From a month ago, consumer prices gained 1.2% in March from the 0.1% rise in February.

Dutch Retail Trade Rises

Dutch retail trade grew 0.9% on an annual basis in February after rising 0.8% in January, Statistics Netherlands said today.

Retail sales prices advanced 2.7% in February compared to the 2.6% gain in January.