Industrial production in the EU rose by 0.4% m/m in February

In February 2026, seasonally adjusted industrial production in both the European Union and the eurozone rose by 0.4% compared to the previous month. This is according to preliminary data from Eurostat.

Among the bloc’s member states, the largest monthly increases in industrial production in February were recorded in Ireland (+5.7%), Finland (+3.3%), and Sweden (+3.2%). The largest declines were observed in Malta (-6%), Luxembourg (-4.6%), and Greece (-2.1%).

On a year-on-year basis, industrial production in the EU fell by 0.1% in February, and in the eurozone by 0.6%.

The largest declines compared to February 2025 were recorded in Luxembourg (-17%), Ireland (-10%), and Bulgaria (-8%). The largest increases were observed in Sweden (+7.7%), Belgium (+7.4%), and Denmark (+5.8%).

Production in the energy sector in the eurozone decreased by 2.1% month-on-month, but increased by 2% year-on-year. In the EU, the figure fell by 2% in February compared to January, but rose by 1.7% compared to the same period in 2025.

As a reminder, according to the ECB’s March forecasts, headline inflation in the eurozone is expected to average 2.6% in 2026, 2.0% in 2027, and 2.1% in 2028. Compared to the December estimates, the forecast for 2026 has been revised upward, primarily due to rising energy costs.

The economic growth forecast for the eurozone has been downgraded. The ECB now expects GDP to grow by 0.9% in 2026, 1.3% in 2027, and 1.4% in 2028.