Euro Area: Industrial production growth accelerates in February

Euro Area Industrial production February 2023

Euro Area: Industrial production growth accelerates in February

Industrial output expanded 1.5% over the previous month in seasonally adjusted terms in February, up from January’s 1.0% increase. February’s result reflected turnarounds in the production of energy, durable and non-durable consumer goods as well as a faster expansion in the production of capital goods. On the flip side, the production of intermediate goods rose at a softer pace.

Looking at the individual economies for which data is available, industrial output rose in 15 countries, while it contracted in four. Focusing on the most important economies, production increased in France, Germany, the Netherlands and Spain while it decreased in Italy.

On an annual basis, industrial production expanded 2.0% in February, up from January’s 0.9% increase. Lastly, annual average growth in industrial production came in at 2.1% in February, down from 2.2% in January.

Commenting on the release, Bert Colijn, senior economist at ING, stated:

“Strong industrial production figures for February boost first-quarter GDP expectations, as lower energy costs and fading supply chain problems provide a tailwind for industry. Still, with demand remaining relatively weak, we are cautious to call this the start of a fast rebound.”

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