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Financial News: Eurozone Industrial Production Rebounds In March

Eurozone Industrial Production Rebounds In March

05/12/2021 - 08:03:00 (RTTNews)

(RTTNews) - Euro area industrial production increased in March after falling in the previous month, led by growth in all categories, preliminary data from Eurostat showed Wednesday.

Industrial production rose 10.9 percent year-on-year after a 1.8 percent fall in the previous month, which was revised from 1.6 percent. Economists had forecast an 11.6 percent increase. Compared to the previous month, industrial production edged up 0.1 percent in March following a 1.2 percent fall in February, revised from 1.0 percent. Economists had forecast 0.7 percent increase. On a year-on-year basis, intermediate goods output increased 13.3 percent and capital goods production rose 16.1 percent. The biggest gain of 34.4 percent was registered in the manufacture of durable consumer goods. Energy output grew 3.3 percent and production of non-durable consumer goods rose 0.7 percent. In the EU, industrial production grew 11.0 percent annually after falling 1.4 percent in the previous month. On a month-on-month basis, production rose 0.6 percent after a 1.0 percent fall in February. The biggest annual increases were registered in Italy, Slovakia, Hungary and Poland, while the worst declines were observed in Malta and Finland.

"The small rise in eurozone industrial production in March suggests that the region's manufacturing sector is still far from back to normal, as persistent supply shortages outweigh strengthening demand," Capital Economics economist Jessica Hinds said.

Citing the high levels of the manufacturing indices, the economist said they suggest that once the supply shortages have been overcome, strong demand will support eurozone industry and the wider economy in the second half of the year.

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