The volume of industrial production in the Eurozone rose in January by 2.1% compared to December, according to statistics Agency of European Union Eurostat. The former maximum monthly growth of 2.3% was recorded in September 2009, reports The World Street Jornal.
In annual calculation the industrial output in January grew by 2.8%, the best level since August 2011. In addition, Eurostat said that the December decline was less than the original estimates and amounted to 0.5%.
The January rise in the Euro area occurred primarily due to Germany, the industry which has produced 2.9% more than in December, notes the WSJ. Good results are demonstrated by France (1.4%) and the Netherlands (2.1 per cent), although they have lagged behind Ireland, the industrial production which jumped by 12.7%.
Weaknesses publication called Spain, where the production decreased by 0.2%, and Greece, where the decline amounted to 0.9%.
Despite higher retail sales growth in January compared to the forecast, the business activity index indicated a loss of momentum in the industry for the first two months of the current year, and the level of business confidence also weakened, writes the WSJ. This, according to the newspaper, indicates that the January data does not mean the beginning of sustainable growth in the Eurozone.
According to the analytical Agency economist at Capital Economics Jack Allen, the industrial output growth in January probably reflects increasing real incomes due to falling energy prices and external demand caused by the weakening of the Euro, and not signals of changing trends in industry of the Eurozone.