According to data provided by Eurostat on Tuesday, Eurozone industrial production declined at a faster-than-expected pace in December, reversing a 1.5 percent rise in the previous month. Data showed Eurozone industrial production fell 1.6 percent month-over-month in December, slightly more than the 1.5 percent drop expected by economists.

On an annualized basis, industrial production increased by 2.0 percent in the euro area and by 2.9 percent in the EU28. The average industrial production for the year 2016, compared with 2015, rose by 1.3 percent in the euro area and by 1.4 percent in the EU28.

Details of the report showed production of capital goods in the euro area fell by 3.3 percent, energy fell by 1.4 percent, non-durable consumer goods fell by 1.2 percent and intermediate goods were down by 0.2 percent, while production of durable consumer goods rose by 2.9 percent.

The largest decreases month-over-month in industrial production were registered in Ireland (-11.7 percent), Germany (-3.1 percent) and the Czech Republic (-2.2 percent), and the highest increases in Croatia (+3.9 percent), Greece and Malta (both +2.4 percent).