Euro zone industrial production rises

Industrial production in the euro zone rose by 6.6 per cent in the year to the end of January, according to new Eurostat figures.

Production in the 27 member states increased by 6.8 per cent during the same period.

Ireland recorded the second lowest level of growth in production during the year. Industrial production rose in all Member States except Portugal with the highest increase registered in Estonia, where production grew by 28.8 per cent. Slovakia recorded growth in production of 17.1 per cent while Lithuania was up 16 per cent.

The smallest growth in industrial production in the year to the end of January were in Italy, which was up 0.6 per cent, Ireland, up 1.4 per cent, and Malta, up 2.1 per cent.

On an annual basis, industrial production of capital goods grew by 12.3 per cent in the euro zone and by 13.2 per cent in the EU27. Intermediate goods increased by 10.1 per cent and 10.6 per cent respectively.

In addition Durable consumer goods rose by 3.8 per cent in the euro zone and by 3.4 per cent in the EU27 while non-durable consumer goods gained 0.3 per cent and 1.3 per cent respectively. Production of energy fell by 1.9 per cent in the euro zone in the 12 months under review and by 2.1 per cent in the EU.

On a month-by-month basis, industrial production rose by 0.3 per cent in the euro zone and by 0.6 per cent in the EU as a whole from December 2010 to January 2011.

The highest monthly increases were registered in Malta, Estonia and the Czech Republic and the largest decreases in Portugal, Finland and Latvia.

From December 2010 to January 2011 production of intermediate goods grew by 2.5 per cent in the euro zone and by 2.7 per cent in the EU. Durable consumer goods rose by 2.5 per cent and 2 per cent respectively.

Capital goods fell by 0.3 per cent in the euro zone, but increased by 0.6 per cent in the EU27. Non-durable consumer goods dropped by 0.4 per cent and 0.2 per cent respectively while production of energy declined by 3.1 per cent in the euro zone and by 2.4 per cent in the EU.