Industrial Production in The Eurozone Stronger Than Expected in January

The European Union’s statistics office Eurostat said today that industrial production for the Eurozone was much stronger than expected in January and revised up significantly in December, indicating that the new year has begun to improve despite the continuing Covid-19 pandemic.

Eurostat said industrial production in the 19-nation Eurozone rose in January by 0.8% on a monthly basis and 0.1% on an annual basis, exceeding market expectations that had forecast a 0.2% month-on-month rise and a reading of -2.4% on an annual basis.

Eurostat also revised up the December production figures to -0.1% on a monthly basis and -0.2% on an annual basis, instead of the previous record of -1.6% -0.8%, respectively.

On a monthly basis, industrial production recorded a rise in January in all categories, with the largest increase in durable goods, by 0.8%, followed by non-durable goods, at 0.6%, and 0.4% in the energy and capital goods sectors.

Eurostat said on Tuesday that the eurozone economy contracted more than previously expected in the fourth quarter of 2020 compared to the previous quarter, with household consumption falling due to lockdown measures.