Eurostat released its industrial production data for the Eurozone on Monday. Industrial production in the Eurozone dropped 0.4% in May, missing expectations for a 0.2% gain, after a 0.1% rise in April.

The decrease was driven by a drop in energy output and non-durable consumer goods output. Non-durable consumer goods were down 1.4% in May, while energy output slid by 3.2%.

Intermediate goods rose by 0.1%, consumer goods climbed by 0.4%, while capital goods output increased by 1.0%.

On a yearly basis, Eurozone's industrial production gained 1.6% in May, missing expectations for a 1.9% rise, after a 0.9% increase in April. April's figure was revised up from a 0.8 gain.

The increase was driven by a rise in durable consumer goods, capital goods and intermediate goods. Durable consumer goods climbed by 4.8% in May from a year ago, capital goods rose by 4.1%, while intermediate goods output gained by 2.2%.

Non-durable consumer goods declined by 0.5%, while energy output dropped 4.2%.