Brussels: Eurozone industrial production experienced a notable recovery in May, driven by a significant rebound in non-durable consumer goods output, as reported by Eurostat today. The industrial output in the region rose by 1.7% on a monthly basis, surpassing economists’ expectations of a 0.6% increase. This growth marks a sharp turnaround from the 2.2% decline observed in April.
According to Oman News Agency, the main contributor to this recovery was the production of non-durable consumer goods, which surged by 8.5%. Additionally, there was an increase in the output of capital goods and energy, which gained by 2.7% and 3.7%, respectively. However, the output of intermediate goods experienced a decline of 1.7%, and durable consumer goods output eased by 1.9%.
On an annual basis, the growth in industrial production accelerated to 3.7%, up from 0.2% in the previous month. This figure exceeded the forecasted 2.9% climb. Across the EU27, industrial production increased by 1.5% month-on-month in May and expanded by 3.4% compared to the previous year.
The report highlighted that the highest monthly increases in industrial production within the EU were observed in Ireland, Malta, and Germany. In contrast, the largest decreases were reported in Croatia, Slovakia, and Belgium.