Eurozone Industry January 2016

Eurozone

Eurozone: Industrial production surges in January

March 14, 2016

The industrial sector in the common-currency bloc started the year on a strong footing as industrial production in January jumped a seasonally-adjusted 2.1% over the previous month. The reading contrasted the 0.5% decrease observed in December and overshot the 1.7% rise the markets had expected. January’s result marked the fastest expansion since September 2009.

January’s strong increase stemmed mainly from a notable expansion in the production of capital goods. Strong growth was also registered in other industries, namely in energy, as well as in non-durable consumer goods and durable consumer goods production. Over the same month last year, industrial production soared 2.8% in January (December: -0.1% year-on-year), which represented the fastest increase since August 2011.

Among the Euro area economies, for which data are available, the expansion was driven by a notable increase in Ireland (+12.7% month-on-month) as well as due to expansions in Estonia (+4.9% mom) and Slovenia (+4.4% mom). Among the region’s major economies, industrial output rebounded and expanded strongly in France, Germany and Italy. Conversely, output decreased in Spain.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.9% in 2016, which is down 0.1 percentage points from last month’s forecast. For 2017, panelists also see industrial production growing 1.9%.


Author:, Senior Economist

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Euro Industry by country January 2016

Note: Month-on-month var. of seasonally-adjusted industrial production and annual average growth rate in %. Data for Austria, Belgium and Cyprus refer to December.
Source: Eurostat


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