EU industrial production declined by 2% m/m in September

In September of this year, seasonally adjusted industrial production in the EU decreased by 2% compared to August. In the euro area, the figure also fell by 2% m/m. This is evidenced by preliminary data from Eurostat.

Compared to September 2023, industrial production in the euro area decreased by 2.8%, in the EU – by 2.4%.

Among the EU member states, the largest monthly decline in September was observed in Ireland (-10.7%), Denmark (-5%) and the Netherlands (-2.9%). The largest growth was recorded in Croatia (+5.8%), Portugal (+2.7%), and Slovenia (+1.6%).

On an annualized basis, industrial production in September of this year fell the most in Ireland (-7.3%), Luxembourg (-6.3%) and Hungary (-5.3%). The largest increase was observed in Denmark (+7.8%), Belgium (+6.0%) and Lithuania (+3.5%).

Energy production in the euro area in September increased by 1.5% m/m and 1.9% y/y. In the EU, energy production in the same period decreased by 1.6% m/m and increased by 1.4% y/y.

According to the revised data, in August, industrial production in the euro area fell by 0.1% y/y and increased by 1.5% m/m, while in the EU it increased by 0.1% y/y and 1.2% m/m.

In October, the European Central Bank cut key interest rates by 25 basis points for the third time in a year. The new interest rates are set at 3.4% for main refinancing operations, 3.65% for margin loans, and 3.25% for deposits.