Eurozone Industrial Output Rebounds More Than Expected

Eurozone industrial production rose by 0.4% month-over-month in February 2026, marking a recovery after two consecutive months of decline and surpassing market expectations of 0.3%. The rebound was driven by increases in non-durable consumer goods (2.6% vs. -5.0% in January), capital goods (1.0% vs. -1.7%), and intermediate goods (0.5% vs. -1.4%). However, energy output declined by 2.1% (compared to a 5.5% increase in January), and durable consumer goods continued to fall for the fourth straight month (-1.3% vs. -1.0%). Among the bloc’s largest economies, Italy recorded modest growth of 0.1%, while Spain’s output remained unchanged. In contrast, Germany, France, and the Netherlands experienced declines of 0.1%, 0.8%, and 1.4%, respectively. Year-over-year, industrial activity contracted by 0.6% in February, matching January’s pace and outperforming forecasts of a 1.0% drop.

Eurozone industrial production fell 1.5% month-on-month in January 2026, following a revised 0.6% decline in December and missing market expectations of a 0.6% increase. It was the sharpest monthly drop since April 2025, driven by declines across key sectors: non-durable consumer goods fell 6.0% (vs. 0.4% in December), capital goods dropped 2.3% (vs. -0.7%), durable consumer goods slipped 1.9% (vs. -0.1%), and intermediate goods fell 1.9% (vs. -0.2%). Energy output, however, rebounded 4.7% after two consecutive months of contraction. Among the Eurozone’s largest economies, output decreased in Germany (-1.3%), Italy (-0.6%) and Spain (-0.5%), but rose in France (0.5%) and was unchanged in the Netherlands (0.0%). On an annual basis, industrial production fell 1.2%, marking the first yearly decline in a year and falling short of analysts’ expectations for 1.4% growth.

Eurozone industrial production declined by 1.4% month-on-month in December 2025, reversing a downwardly revised 0.3% increase in November and broadly matching expectations for a 1.5% fall. The reading marked the steepest monthly contraction since April 2025, snapping a three-month streak of gains, driven by lower output of capital goods (-1.9% compared with +2.6% in November), as well as decreases in energy (-0.3%), non-durable consumer goods (-0.3%), and intermediate goods (-0.1%). In contrast, production of durable consumer goods edged up 0.2%, rebounding from a 1.8% drop in the previous month. On an annual basis, industrial production growth slowed to 1.2% in December from 2.2% in November, slightly below forecasts of 1.3%. For 2025 as a whole, industrial output rose by 1.5%.