Financial News: Eurozone Industrial Output Rebounds In January

Eurozone Industrial Output Rebounds In January

(RTTNews) - Euro area industrial production recovered at a stronger-than-expected pace in January due to the rebound in intermediate and capital goods output, official data revealed Thursday.

Industrial output grew 0.8 percent on a monthly basis in January, reversing a 0.4 percent fall in December, Eurostat reported. Output was expected to climb 0.5 percent.

Among the components of production, intermediate goods output moved up 1.6 percent after a 1.7 percent drop. Likewise, capital goods output advanced 0.5 percent, following a 1.9 percent decrease.

Energy production dropped 1.2 percent. Durable consumer goods and non-durable consumer goods output eased 0.2 percent and 3.1 percent, respectively.

On a yearly basis, industrial production remained flat in January after declining 1.5 percent in December. This was in contrast to the expected fall of 0.9 percent.

Capital Economics economist Ankita Amajuri said the increase in eurozone industrial production in January does not change the fact that output remains well below its levels prior to the energy crisis.

The economist observed that the sector will continue to struggle over the coming months.

Industrial production in the EU27 climbed 0.3 percent on a monthly basis in January but decreased 0.2 percent from the previous year.

Among the member states of EU, the biggest monthly increases were registered in Lithuania, followed by Portugal and Austria. Meanwhile, the largest decreases were seen in Malta, Denmark and Slovakia.

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