Following a sizeable contraction in January, the euro area saw a seasonally adjusted industrial production increase of 0.8 per cent in February, while the European Union (EU) experienced a 0.7 per cent rise, according to the latest data by Eurostat, the statistical office of EU.

Despite the month-on-month recovery, when comparing year-on-year data, both the euro area and EU experienced significant drops in industrial production, down by 6.4 per cent and 5.4 per cent, respectively.

Breaking down the February figures, the euro area saw a 0.5 per cent increase in the production of intermediate goods and a 1.4 per cent rise in durable consumer goods. However, energy production dipped by 3 per cent, and non-durable consumer goods production fell by 0.9 per cent. The EU trends were similar, with intermediate goods production up by 0.9 per cent and durable consumer goods up by 1.7 per cent, but energy saw a 3.3 per cent decline, and non-durable consumer goods decreased by 0.5 per cent, as per Eurostat.

Ireland led the charge with the highest monthly increase at 3.8 per cent, closely followed by Hungary at 3.5 per cent, and Slovenia at 3.3 per cent. On the other end of the spectrum, Croatia, Lithuania, and Belgium faced the steepest declines, with drops of 4.6 per cent, 3 per cent, and 2.7 per cent respectively.

The annual comparison paints a less rosy picture, with all main industrial groupings in the euro area and EU showing decreases. The euro area's production of intermediate goods, energy, durable consumer goods, and non-durable consumer goods fell by 2.7 per cent, 3.6 per cent, 4.3 per cent, and 6.1 per cent respectively. Similarly, the EU suffered declines in these categories.

The most significant annual reductions were seen in Ireland, which plummeted by 36 per cent, Belgium at 12.7 per cent, and Bulgaria at 8.4 per cent. However, it wasn't all negative, as Spain, Slovenia, and Denmark each posted increases of 3.5 per cent, 2.8 per cent, and 2.7 per cent, respectively.

Fibre2Fashion News Desk (DP)

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