The Eurozone's industry looks much better than anyone expected.

Angela Merkel glassesREUTERS/Hannibal HanschkeGerman Chancellor Angela Merkel wears special glasses as she visits a metal workshop in Berlin September 5, 2008.

Eurozone industrial production dropped by 0.1% in January from December, missing analyst expectations.

But the year-on-year figure was much better than expected – the best since July 2014. Compared to January last year, production rose 1.2%.

Economists had expected a 0.2% boost month-on-month, translating into a 0.1% rise compared to January last year.

German industrial production narrowly beat expectations in January, rising 0.6%, according to statistics released last week.

A recent run of stronger-than expected economic data has buoyed European stocks, and though it may take some time to feed through, the increasingly weak euro should boost Europe’s manufacturers by driving exports.

But a quick look at this chart shows just how little of an industrial recovery there’s been so far:

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