Industrial output rebounds in January
Industrial output returned to growth in January, after contracting in the previous two months. Industrial production increased a seasonally-adjusted 1.4% over the previous month, contrasting the 0.9% fall recorded in December. The result beat market expectations of a softer 1.0% expansion.
According to Eurostat, the rebound was driven by turnarounds in the production of energy, capital and consumer goods. Looking at the individual economies for which data is available, 11 economies saw industrial production gain steam in January, including turnarounds in major players France and Germany.
On an annual basis, industrial production contracted 1.1%, a more moderate fall compared to December’s 4.2% contraction–the worst reading since November 2012. Annual average growth in industrial production slumped to 0.6% in January, from December’s 1.0%.