Eurozone Industrial Production Recovers In February
(RTTNews) - Eurozone industrial production recovered in February driven by the rebound in capital and durable consumer goods output, official data revealed on Monday.
Industrial production grew 0.8 percent on a monthly basis in February, Eurostat reported. This was in contrast to the 3.0 percent contraction seen in January but matched economists' expectations.
Overall production expanded despite a decline in energy output, which was down 3.0 percent. Capital goods production advanced 1.2 percent, reversing a sharp 15.5 percent fall in January.
Production of durable consumer goods moved up 1.4 percent, offsetting January's 1.2 percent decline. Intermediate goods output posted a slower growth of 0.5 percent after a 2.3 percent gain.
Meanwhile, the decline in non-durable consumer goods deepened to 0.9 percent from 0.2 percent.
Data showed that industrial production decreased 6.4 percent year-on-year in February after easing 6.6 percent in January. In the EU27, industrial production expanded 0.7 percent on month in February, but decreased 5.4 percent from the same period last year. Among member countries of the EU, the highest monthly increases were recorded in Ireland, Hungary and Slovenia. On the other hand, Croatia, Lithuania and Belgium reported the largest decreases.
Despite the rebound, the level of output is still weak and the outlook is poor, Capital Economics' economist Lily Millard said.
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