Euro zone Feb production rebounds as expected on consumer goods
2022.04.20 12:11
FILE PHOTO: A worker assembles a new Audi at the production line of the German car manufacturer’s plant in Ingolstadt, Germany, March 14, 2018. REUTERS/Michael Dalder
BRUSSELS (Reuters) – Euro zone industrial production rebounded as expected in February from a January slump thanks to stronger output of consumer goods, which offset declines in the output of energy and capital goods, data showed on Wednesday.
The European Union’s statistics office Eurostat said industrial output in the 19 countries sharing the euro rose 0.7% month-on-month for a 2.0% year-on-year gain, rebounding from declines of 0.7% for the month 1.5% year-on-year in January.
Economists polled by Reuters had expected the 0.7% monthly increase in February and had forecast a 1.5% annual rise.
The data comes largely from before the start of the Russian invasion of Ukraine on Feb 24 – an event that severely shook business sentiment in March.
Eurostat said energy output fell month-on-month in February for the third time in a row though it continued to rise from a year earlier.
The production of capital goods, which are used for investment, also declined in February in the month and year-on-year for the second consecutive month.
However, these declines were offset by strong gains in the output of both durable and non-durable consumer goods, which increased by 5.8% and 8.9% year-on-year respectively.
