Industrial production in the EU decreased by 0.1% m/m in July

In July 2024, seasonally adjusted industrial production in the EU decreased by 0.1% compared to June. In the euro area, the figure decreased by 0.3% m/m. This is evidenced by preliminary data from Eurostat.

Compared to July 2023, industrial production in the euro area decreased by 2.2%, in the EU – by 1.7%.

Among the EU member states, the highest monthly growth in industrial production in July was observed in Ireland (+9.2%), Croatia (+8%) and Belgium (+7.3%). The largest declines were recorded in Malta (-5.5%), Estonia (-4.8%), and Romania (-3.4%).

On an annualized basis, industrial production in July of this year increased the most in Denmark (+19.8%), Greece (+10.8%) and Finland (+6.4%). Hungary (-6.4%), Estonia (-5.8%) and Germany (-5.5%) showed the largest drop in industrial production compared to July 2023.

Energy production in the euro area in July increased by 0.3% m/m and 1.7% y/y. In the EU, energy production in the specified period increased by 0.4% m/m and 2.3% y/y.

According to the revised data, in June, industrial production in the euro area remained unchanged compared to the previous month, while in the EU it increased by 0.1% m/m.

The European Central Bank cut all three key interest rates in September. The deposit rate was cut by 25 basis points and now stands at 3.5%. The main refinancing rate was cut to 3.65%, and the margin loan rate – to 3.9%.