According to the report from the Eurostat, in January, eurozone industrial production increased by 1.5% after an increase of 1.0% in January (revised from +0.7%). Economists had expected production to increase by 1.0%. In annual terms, industrial production increased by 2.0%, accelerating compared to January (+0.9%). Consensus estimates suggested an increase of 1.5%. Meanwhile, among the countries of the European Union, industrial production grew by 1.4% on a monthly basis and by 2.1% per annum.
Eurostat reported that the monthly change in the eurozone was caused by an increase in production of capital goods (+2,2%), non-durable consumer goods (+1,9%), intermediate goods (+1.1%), energy (+1,1%) and durable consumer goods (+0,2%).
Meanwhile, the increase in industrial production in the eurozone compared to February 2022 was caused by a rise in production of capital goods (+10.4%), non-durable consumer goods (+3.3%), while production of durable consumer goods fell by 3.5%, intermediate goods by 4.9% and energy by 3.3%.
As for the EU countries, the highest annual increases were registered in Ireland (+25.3%), Malta (+17.1%) and Denmark (+15.7%). The largest declines were observed in Estonia (-7.4%), Lithuania (-6.9%), Slovakia (-4.7%) and Romania (-4.7%).