Available national data accounting for 80% of global euro area industrial production points to a nice rebound in growth in February (0.9% mom, 1.1% yoy w.d.a.).
"The carry-over for Q1 2015 also points to growth in industrial output of 0.7% qoq, as the positive impact of a weakereuro and lower oil prices is finally catching fire on manufacturing activity. This suggests that risks for our Q1 15 GDP growth (0.4% qoq) are tilted to the upside", notes Societe Generale in a report on Tuesday.
On a regional basis, February was marked by a strong rebound in Germany, Spain and the Netherlands and a downward correction in France (after two strong months). Finally, Italian industrial production is expected to have recovered in February (by +1.4%) after a weak figure in January.
