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Euro zone industry output flat in sluggish start to 2022 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Workers wear masks when they work at Volkswagen’s Wolfsburg assembly plant, Germany on April 27, 2020. Swen Pfoertner/Pool via REUTERS

BRUSSELS, (Reuters) – The Euro zone’s industrial production was flat in January compared to December, according to data released on Tuesday. This indicates a slow start for 2022, even though there has been no impact from Russia’s invasion of Ukraine which started at the end February.

According to Eurostat, the industrial output of the 19 euro-member countries was stable month over month in January but fell 1.3% annually.

Reuters polled economists and they expected a 0.1% monthly increase and a 0.5% decline annually.

Eurostat reported that non-durable consumer goods such as clothing rose 3.1% in December. The production of durable consumer goods and intermediate goods like steel, energy, capital goods fell by 2.4%.

Year-on-year, the output of durable consumer goods increased by 7.0% while that of capital goods like machinery and equipment for industries declined 8.4%.

The industrial output component of gross domestic products is important. It rose 0.3% quarter on quarter in the October-December time frame for an increase of 4.6%.

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