Eurozone industrial output grows 1.1% in February, surpassing expectations

Industrial production in the eurozone rose by 1.1% month-on-month in February, outperforming expectations, according to data released by Eurostat on Tuesday. Analysts had forecasted a modest 0.1% increase.

The rise was primarily driven by gains in non-durable consumer goods, which surged 2.8%. Intermediate goods also posted a 0.3% increase, while capital goods saw a rise of 0.8%. However, energy output declined by 0.2%, and durable consumer goods fell by 0.3%.

In the broader European Union, industrial production increased by 1% month-on-month in February, with non-durable consumer goods leading the way, rising by 2.7%. However, the production of durable consumer goods in the EU fell by 0.4%.

On an annual basis, industrial output in the eurozone grew by 1.2% in February, while the EU saw a 0.6% increase. The strongest annual growth in the eurozone was in non-durable consumer goods, which rose by 9.7%. Meanwhile, intermediate goods saw a 2.7% year-on-year decline.

In the EU, non-durable consumer goods also recorded the highest annual growth at 8.1%, while both intermediate and durable consumer goods experienced declines of 2.2%. The data underscores a mixed performance across various sectors within the EU and eurozone economies.

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