Eurozone's industrial production increased at a faster-than-expected rate in February, recovering from the previous month's contraction, latest data showed Friday.
Industrial production increased 0.4 percent on a monthly basis in February, reversing the revised 0.6 percent decrease seen in January, statistical office Eurostat said. Economists had forecast output to grow 0.2 percent, following the previous month's originally reported 0.4 percent decrease.
The rebound was driven mainly by a 2.6 percent growth in energy production, and a 1.3 percent gain in durable consumer goods output. Offsetting these gains partially, production of non-durable consumer goods decreased 1.5 percent from a year earlier.
In the European Union, industrial production advanced 0.4 percent sequentially, after falling 0.5 percent in the previous month, which was revised down from a 0.4 percent contraction.
Year-on-year, industrial production decreased at a faster rate of 3.1 percent in February than the revised 2.4 percent fall in January. The rate of fall was forecast to accelerate to 2.5 percent from the originally reported 1.3 percent.
The annual rate of fall in EU eased to 3 percent in February from January's revised 4 percent, data showed.
by RTT Staff Writer
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