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Financial News: Eurozone Industrial Production Growth Exceeds Expectations

Eurozone Industrial Production Growth Exceeds Expectations

03/12/2021 - 05:50:00 (RTTNews)

(RTTNews) - Eurozone industrial production grew more than expected in January, data from Eurostat revealed on Friday.

Industrial production grew 0.8 percent on month, reversing a slight 0.1 percent drop in December. This was faster than the expected growth of 0.2 percent.

On a yearly basis, industrial output gained 0.1 percent, in contrast to December's 0.2 percent fall and a 2.4 percent drop expected by economists.

Data showed that durable and non-durable consumer goods output grew 0.8 percent and 0.6 percent, respectively. At the same time, energy and capital goods output grew 0.4 percent, each. Production of intermediate goods was up 0.3 percent.

While domestic demand looks set to grow slowly by international standards this year, industrial exporters will benefit from strong growth in foreign demand, Jack Allen-Reynolds, an economist at Capital Economics, said.

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