A new release from Eurostat shows that industrial production across the eurozone rose by 1.7% in January. In Britain, it fell by 0.3%. That fits with a pattern in recent months of British industrial production having a weaker recovery than that in the eurozone, as is shown in the graph below. This is more confirmation that we are having a weak recovery. As I discussed earlier this week, the scale of the government debt crisis is hurting economic growth and spending cuts are needed to get the economy going again.
Industrial production, % change compared with previous month