Industrial production in the EU decreased by 0.8% m/m in December

In December 2024, seasonally adjusted industrial production in the European Union decreased by 0.8% compared to November. In the euro area, the figure fell by 1.1% m/m. This is evidenced by preliminary data from Eurostat.

Compared to December 2023, industrial production in the euro area decreased by 1.7%, in the EU – by 2%.

The average annual industrial production for 2024 compared to 2023 was -1.7% in the euro area and -2.0% in the EU.

Among the EU member states, the largest monthly decline was recorded in Belgium (-6.8%), Portugal (-4.4%) and Austria (-3.3%). The largest increases were observed in Ireland (+8.2%), Luxembourg (+6.7%) and Croatia (+6.3%).

On an annualized basis, industrial production in December 2024 fell the most in Austria (-9.5%), Italy (-7.1%) and Hungary (-6.4%). The largest increase was observed in Malta (+14.4%), Ireland (+10.1%) and Lithuania (+7.6%).

Energy production in the euro area in December increased by 0.5% m/m and y/y. In the EU, energy production increased by 0.6% m/m and y/y in the same period.

According to revised data, in November, industrial production in the euro area fell by 1.8% y/y and increased by 0.4% m/m, while in the EU it decreased by 1.5% y/y and increased by 0.2% m/m.

EUROFER, the European Steel Association, has revised its forecast for apparent steel consumption in the EU in 2025, lowering the expected growth to +2.2% from the previous +3.8%. This reflects the ongoing difficulties in the sector amid global economic uncertainty, high energy costs and growing imports.