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European industrial production fell more quickly than anyone expected

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The industrial production figures out from Europe on Friday aren't good.

In December 2015 seasonally adjusted industrial production fell by 1.0% in both the euro area and the wider European Union of 28 member states, according to estimates from Eurostat, the statistical office of the European Union.

That's a big drop from November 2015, when industrial production fell by 0.5% and is far worse than analysts' estimates of a 0.3% rise.

Perhaps most worryingly for Mario Draghi, president of the European Central Bank, industrial production is falling more quickly in the Eurozone than outside it.

Here's the chart.

EZ industrial production

Eurostat also put out its GDP estimates for the fourth quarter of 2015.

Greece fell back into recession after its economy shrunk 0.6% in the last three months of last year. The reading for the Euozone as a whole was an expansion of 0.3%.

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