April 13, 2023 09:00 GMT
Industrial Production Records a Second Month of Growth in Feb
EUROZONE DATA
MNI (London)
EUROZONE FEB INDUST PROD +1.5% M/M (FCST +1.0%); JAN +1.0%r M/M
EUROZONE FEB INDUST PROD +2.0% Y/Y (FCST +1.9%); JAN +0.9% Y/Y
- Eurozone industrial production was slightly stronger than anticipated in February, expanding by +1.5% m/m and +2.0% y/y in a second consecutive month of growth.
- Today's data follows surprisingly robust German, French and Spanish February IP prints, whilst Italy recorded a contraction.
- Volatile Irish data (which is exposed to shifts in multinationals' pricing) represented a largely negligible distortion on the m/m aggregate print in February as opposed to previous months.
- IP growth was positive on the month across goods categories, strongest in capital goods (+2.2%) whilst lagging in consumer durables (+0.2%).
- Looking forward, the euro area March manufacturing output PMI increased to a 10-month high, boosted by improving supply chains.
- Yet PMI data continues to flag a trend of shrinking order books and running down backlogs, implying that outstanding business is bolstering current production levels. With demand outlooks subdued, production levels may slow in coming months.
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