Eurozone economic contraction deepens in February, the eurocoin indicator, which measures the Euro area underlying growth, fell to minus 0.63%.
Indicating that the Eurozone economic contraction deepened in February, the eurocoin indicator, which measures the Euro area underlying growth, fell to minus 0.63% in February from minus 0.21% recorded in January, data from the Centre for Economic Policy Research and the Bank of Italy showed Wednesday. The indicator marked the fourth negative reading in a row.
Eurocoin is a real-time, monthly estimate of area-wide GDP growth, computed each month by the staff of the Bank of Italy. It provides a single number summarizing the current economic outlook for the euro area.
In February, the indicator was negatively affected by the fourth quarter GDP figures and the December industrial production. Prevailing weakness in stock markets and the negative rebound of February PMIs and business surveys also depressed the level of the indicator.
According to flash estimates published by Eurostat, the Eurozone GDP contracted 1.5% sequentially in the fourth quarter, larger than the 0.2% decline seen in the second and third quarters of 2008. Industrial output fell at record pace in December.