Euro zone industrial production up more than expected in April
2023.06.14 05:32
© Reuters.
BRUSSELS (Reuters) – Euro zone industrial production rebounded more than expected in April after a slump in March, as a surge in the output of capital goods such as buildings and equipment offset reduced production of consumer goods, data showed on Wednesday.
Industrial production in the 20 countries sharing the euro rose 1.0% month-on-month in April for a 0.2% year-on-year rise, the European Union’s statistics office Eurostat said.
Economists polled by Reuters had expected 0.8% monthly and annual increases.
Eurostat said capital goods output jumped 14.7% month-on-month in April after a 15.2% plunge in March, more than compensating for a 2.6% monthly fall in the production of durable consumer goods and a 3.0% fall in non-durable goods.
The upswing of production was clearest in Ireland, where large multinationals have a distortive effect on statistics. No other nation was even close to matching the Irish increase of 21.5%.
Capital goods output was also the main driving force behind the rise of production in year-on-year terms, offsetting steep falls for intermediate goods, energy and durable consumer goods.
