European industry just had a massive month

The latest figures on industrial production in the Eurozone just dropped, and things are finally looking up.

After several months of falls across the eurozone, industrial production grew by 2.1% in January, smashing the expectations of economists, and seemingly signalling the start of a recovery for an area of the European economy that has been struggling massively in recent months.

The data, released by statistical agency Eurostat, shows that production also grew by 1.7% across the European Union in January. Here’s the chart:

These figures compare to a 1% seasonally adjusted fall in the eurozone in December, and a fall of 0.7% in November.

The data will come as happy news for European Central Bank president Mario Draghi, after the bank last week announced a whole raft of new measures designed at boosting growth across the eurozone.

With growth returning — at least to industrial production — even before Draghi’s new measures, the bank will likely be expecting stimulus measures to boost things even more.

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