Eurozone industrial production rises more than expected in February
Eurozone industrial production rose more than expected in February, according to figures released on Thursday by Eurostat.
Industrial production, ex-construction, jumped 1.5% on the month following an upwardly-revised 1% rise in January. This was ahead of consensus expectations for a 1% increase.
On the year, industrial production rose 2% in February, up from 0.9% the month before. This was above consensus expectations of 1.5% growth.
Melanie Debono, senior Europe economist at Pantheon Macroeconomics, said: "Easing supply chains issues and low energy prices supported industry in the EZ last quarter, despite still-high input costs and industrial action in a handful of economies.
"The increase in industrial production in February was broad-based by sector. Capital goods production rose most, by 2.2% on the month, followed by consumer goods, thanks to a 1.9% surge in non-durable consumer goods output. Intermediate goods production rose by 1.1%, extending its increase from January, and energy production rose too.
"By country, increases in Germany, France, Belgium, the Netherlands, Ireland and Greece more than offset declines in Italy, Spain and Portugal. If EZ industrial output held steady at February’s level in March, it rose by 1.5% on the quarter, much better than the 0.3% decline in Q4, and the decline implied by manufacturing survey data. If so, industry added 0.3pp to GDP growth alone in Q1."