Industrial production in Italy and France topped estimates for January, while manufacturing orders in Germany unexpectedly contracted.

The seasonally adjusted industrial production index in Italy grew 1.7% month over month in January, surpassing the Econoday consensus estimate of a 0.2% rise. The index declined 1.8% in the three months to January, compared with the prior three-month period, data from the country's National Institute of Statistics showed.

After calendar adjustments, Italian industrial production dropped 0.8% in January from a year ago.

The European Commission in February slashed its GDP growth forecast for the Italian economy to 0.2% in 2019 from 1.2% previously projected, while Banca D'Italia SpA said in January that it expects GDP growth of 0.6% in 2019, down 0.4 percentage points from its previous forecast.

French industrial production unexpectedly rose 1.3% month over month in January after a revised zero percent change in December 2018. The Econoday consensus estimate suggested a no-change projection for January. Manufacturing output edged up 1.0% following 0.4% growth in the previous month, data from France's National Institute of Statistics and Economic Studies showed.

Output of machinery and equipment goods rebounded to 5.9% growth, following a 2.2% monthly decline in December 2018. Output in mining and quarrying, energy, water supply and waste management also bounced back to a 3.1% increase from a 2.2% decrease. Meanwhile, transport equipment saw a 3.2% decline in manufacturing after a 2.6% increase.

New manufacturing orders in Germany declined 2.6% in January on a monthly basis, after price, seasonal and calendar adjustments, compared to expectations for a 0.5% monthly gain, provisional data from the country's Federal Statistical Office showed. Adjusted new orders rose 0.9% month over month in December 2018, up from the earlier estimate of a 1.6% decline.

German domestic orders dropped 1.2% while foreign orders declined 3.6% in January compared to the prior month. New orders from the euro area fell 2.6%, and those from other countries slipped 4.2%.

German manufacturers of capital goods recorded a 3.6% monthly decrease in new orders, while consumer goods orders declined 1.4% in January. Producers of intermediate goods reported a 1.1% decrease in new orders from December 2018.

Price- and calendar-adjusted new orders declined 3.9% in January compared to the same month a year ago.

The country's manufacturing turnover was up 0.6% in January compared to the previous month, after price, seasonal and calendar adjustments. In December 2018, adjusted turnover was up 3.2% from the prior month, compared to a previous estimate of a 2.7% increase.

The Organisation for Economic Co-operation and Development recently slashed growth estimates for the Eurozone and the U.K., saying the downward revisions were notable for countries including Italy and Germany.