EU industrial production increased by 1.3% m/m in August

In August 2024, seasonally adjusted industrial production in the EU increased by 1.3% compared to July. In the Eurozone, the indicator increased by 1.8% m/m. This is evidenced by preliminary Eurostat data.

Compared to August 2023, industrial production in the Eurozone increased by 0.1%, in the EU by 0.2%.

Among EU member states, the highest monthly growth in industrial production in August was observed in Ireland (+4.5%), Germany (+3.3%) and Lithuania (+3.3%). The largest decrease was recorded in Luxembourg (-9.2%), Croatia (-4.6%), and Denmark (-4.5%).

Year-on-year industrial production in August this year grew the most in Ireland (+15.8%), Denmark (+10.7%) and Slovenia (+7.2%). Luxembourg (-11.7%), Estonia (-6%) and Hungary (-4.2%) showed the biggest drop in industrial production compared to August 2023.

Energy production in the Eurozone in August increased by 0.4% m/m and 2.6% y/y. In the EU, energy production increased by 0.2% m/m in this period and 2.2% y/y.

According to updated data, industrial production in the Eurozone fell by 2.1% y/y in July and 0.5% m/m, and in the EU – by 1.5% y/y and 0.3% m/m.

As GMK Center reported earlier, the European Central Bank lowered all three key interest rates in September. The deposit rate was cut by 25 basis points to 3.5%. The rate of main refinancing operations was reduced to 3.65%, the rate of marginal loans – to 3.9%.