Eurozone industrial production recovered as expected in February, thanks to increased consumer goods production that offset the decline in energy and capital goods production.
In particular, as announced by Eurostat, industrial production in the 19 euro countries increased by 0.7% on a monthly basis, thus recording an increase of 2% per year, after a monthly decline of 0.7% and by 1.5% per year in January.
It is noted that the measurement was largely in line with the estimates of economists in a Reuters survey, who expected an average monthly increase of 0.7% in February and an annual increase of 1.5%.
The figures, however, largely relate to the period before the start of the Russian invasion of Ukraine on February 24, which dealt a significant blow to the business climate in March.
According to Eurostat, energy production fell on a monthly basis for the third consecutive time in February, although it continued to increase compared to a year earlier.
The production of capital goods, used for investments, also declined in February, both on a monthly and annual basis for the second consecutive month.
However, these reductions were offset by the strong increase in the production of both durable and non-durable consumer goods, which increased by 5.8% and 8.9% on an annual basis, respectively.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
