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Industrial production in the Eurozone demonstrated surprisingly positive data – the best for the last six years. Sharp improvement of industrial production signals that the sector remains stable on the background of global economic slowdown.
Experts forecasted high industrial production in the Eurozone right after release of positive production in Germany. It was expected that industrial production would rise in January by 1.6%.
According to data released on Monday, industrial production rose in January by 2.1%, exceeding forecast. It is a record growth since 2009. New revised assessment for December shows reduction of activity by 0.5%, less by two times than previous index.
Germany put main contribution to such positive data. German industrial production rose by 2.9%. French industrial production rose by 1.4%, while production in Netherlands rose by 2.1%. Industrial production in Ireland rose by 12.7%. In opposition, Spain’s industrial production fell by 0.2% and Greek production fell by 0.9%.
Such strong growth of industrial production surprises on the background of other economic data. Though, there was growth of retail sales in January. Judging by recent polls, manufacturing sector lost its impulse, while business confidence demonstrated negative signals.
Nevertheless, given data about industrial production means economic recovery in the Eurozone continues, despite negative impact from weak demand of emerging-market countries.