Financial News: Eurozone Industrial Production Recovers

Eurozone Industrial Production Recovers

(RTTNews) - Eurozone industrial production recovered in February, driven by increases in non-durable and capital goods output, data from Eurostat revealed on Wednesday.

Industrial production advanced 0.4 percent on a monthly basis, in contrast to the 0.8 percent decline in January. Output was expected to grow 0.3 percent.

Among components of industrial output, non-durable consumer goods output posted the biggest increase of 2.6 percent. Capital goods and intermediate goods output grew 1 percent and 0.5 percent, respectively.

Meanwhile, energy output declined 2.1 percent and durable consumer goods production slid 1.3 percent.

On a yearly basis, industrial production registered a 0.6 percent fall, matching January's rate of decline. This was better than the expected drop of 1.0 percent. Industrial production in the EU27 rose 0.4 percent in February from January but dropped 0.1 percent from the last year.

The largest annual decreases were recorded in Luxembourg, Ireland and Bulgaria. Meanwhile, the highest increases were reported in Sweden, Belgium and Denmark.

Earlier this month, the purchasing managers' survey data from the euro area manufacturing activity expanded at the fastest since mid-2022, driven by the upticks in production and new orders. The factory Purchasing Managers' Index rose to 51.6 in March from 50.8 in February.

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