Eurostat released its industrial production figures for the Eurozone on Thursday. Industrial production in the Eurozone declined 0.1% in January, missing expectations for a 0.3% increase, after a 0.3% rise in December. That was the first decrease in five months.

December's figure was revised up from a flat reading.

On a yearly basis, Eurozone's industrial production rose 1.2% in January, after a 0.6% increase in December. December's figure was revised up from a 0.2 decrease.

Production of durable consumer goods dropped by 2.2% in January, output of intermediate goods fell 0.5, energy output rose by 0.9%, while capital and non-durable consumer goods output increased 0.1% each.

The largest declines in industrial production were registered in Latvia and Finland, and the highest rises in Malta.

These figures indicate that GDP growth in the Eurozone will remain weak in the first quarter.