Industry in Eurozone
Eurozone - Industry
Industrial output rebounds more than expected in January ahead of coronavirus blow
Industrial output jumped a seasonally-adjusted 2.3% over the previous month in January, contrasting December’s 1.8% slump. The reading surprised market expectations on the upside.
January’s bounce back was underpinned by marked rebounds in the production of intermediate, capital, durable consumer and non-durable consumer goods, as well as by a much softer contraction in the production of energy.
Looking at the individual economies for which data is available, industrial production increased in 10 countries in January, including heavyweights Germany, France, Italy and Spain—although the latter recorded just a marginal uptick. On the flip side, it contracted in Latvia, Lithuania and Finland.
On an annual basis, industrial production declined 1.9% in January, a softer contraction than December’s 3.6% dive. Lastly, annual average variation in industrial production inched up to minus 1.7% from October’s minus 1.8%.
Commenting on the release, Bert Colijn, Eurozone senior economist at ING, stated:
“Looking ahead, the trajectory of industrial production is anyone’s guess at the moment. February data could still be decent as surveys have indicated that the pace of decline in production has slowed, but March disruptions are very hard to put a number on right now, as prevention measures against Covid-19 are still developing. It is safe to say that an end to the industrial recession will likely be postponed until the Covid-19 impact subsides.”
FocusEconomics Consensus Forecast panelists see industrial production rising 0.8% in 2020, which is unchanged from last month’s forecast. For 2021, panelists see industrial production expanding 1.2%.
Eurozone - Industry Data
|Industrial Production (annual variation in %)||1.0||2.6||1.6||2.9||0.9|
5 years of economic forecasts for more than 30 economic indicators.
Eurozone Industry Chart
Source: Eurostat and FocusEconomics calculations.
|Exchange Rate||1.12||0.65 %||Dec 31|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
April 1, 2020
Sentiment in the Eurozone nosedived in March due to the blow of coronavirus, plunging to 94.5 points from February’s 103.4 points.
April 1, 2020
Harmonized inflation fell to 0.7% in March from February’s 1.2%, according to a flash estimate released by Eurostat on 31 March.
April 1, 2020
Labor market conditions in the common currency bloc strengthened in February, ahead of an inevitable worsening due to the pandemic, according to data released by Eurostat.
March 24, 2020
The Flash Eurozone Composite Purchasing Managers’ Index (PMI), produced by IHS Markit, nosedived from 51.6 in February to 31.4 in March, marking the worst result since data was first collected in July 1998—including the lows during the global financial crisis.
Eurozone: ECB to buy over EUR 1 trillion of Eurozone debt this year to counteract coronavirus fallout
March 19, 2020
On 18 March, at an extraordinary night meeting after borrowing costs for Southern European countries had jumped on mounting coronavirus (Covid-19) concerns, the European Central Bank (ECB) unexpectedly decided to step up its efforts to combat the economic and financial shockwaves currently shaking the Euro area.