Despite the monthly recovery, when comparing year-on-year data, both the eurozone and the EU experienced significant declines in industrial production, falling by 6.4% and 5% respectively. .4%.
Breaking out February figures, the euro zone saw output of intermediate goods rise 0.5% and consumer durables rise 1.4%. However, energy production fell 3% and consumer non-durables production fell 0.9%. The EU trend was similar, with production of intermediate goods up 0.9% and consumer durables up 1.7%, but energy down 3.3% and consumer non-durables down 0. 5%, according to Eurostat.
In February, industrial production in the euro area increased by 0.8% compared to the previous month. EU industrial production increased by 0.7% over the previous month. However, year-on-year figures show a decline of 6.4% in the euro area and 5.4% in the EU. Energy production fell, while durable goods increased. Ireland, Hungary and Slovenia had the largest monthly increases.
Ireland led the way with the highest monthly increase at 3.8%, followed closely by Hungary at 3.5% and Slovenia at 3.3%. At the other end of the spectrum, Croatia, Lithuania and Belgium faced the sharpest declines, with drops of 4.6%, 3% and 2.7% respectively.
Year-on-year comparisons paint a less rosy picture, with all major industrial groups in the eurozone and EU falling. Euro area production of intermediate goods, energy, durable consumer goods and non-durable consumer goods decreased by 2.7%, 3.6%, 4.3% and 6.1%, respectively. Similarly, the EU also suffered a decline in these categories.
The most significant annual declines were recorded in Ireland, plummeting 36%, Belgium at 12.7% and Bulgaria at 8.4%. It wasn't all negative, however, as Spain, Slovenia and Denmark each saw increases of 3.5%, 2.8% and 2.7% respectively.
Fiber2 Fashion News Desk (DP)
