(MENAFN) According to data released by Eurostat on Monday, industrial production in the Eurozone experienced a notable rebound on a monthly basis in February, marking a shift from the previous month's decline. The data revealed that industrial output in the single-currency zone grew by 0.8 percent month-on-month during February, following a revised decrease of 3 percent in January. This uptick in industrial activity signals a potential resurgence in economic momentum within the Eurozone, as manufacturing and production activities showed signs of recovery.
Further analysis of the Eurostat data indicates varied performance across different sectors of industrial production. Notably, industrial production saw significant growth in certain segments, with durable consumer goods registering a notable increase of 1.4 percent, followed by growth in capital goods at 1.2 percent, and intermediate goods at 0.5 percent. However, the energy sector experienced a decline of 3.0 percent, while non-durable consumer goods decreased by 0.9 percent. These contrasting trends reflect the complex dynamics influencing industrial output within the Eurozone, with varying levels of demand and production across different sectors.
The positive momentum observed in the Eurozone's industrial sector was mirrored in the broader European Union (EU) as well. In the EU, industrial production reversed its previous decline, recording a growth of 0.7 percent in February following a 2.7 percent decline in January. This suggests a more widespread improvement in manufacturing and production activities across the European region. However, despite these recent gains, the annual comparison reveals lingering challenges, with industrial production contracting by 6.4 percent in the euro area and by 5.4 percent in the EU compared to the same period last year. This underscores the ongoing impact of external factors such as global economic conditions and supply chain disruptions on industrial performance in the Eurozone and the broader EU.
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