Industrial production in the EU decreased by 2.1% m/m in January

In January 2024, seasonally adjusted industrial production in the euro area and the European Union decreased by 3.2% and 2.1%, respectively, compared to the previous month. Compared to January 2023, industrial production in the euro area and the EU fell by 6.7% and 5.7%, respectively. This is evidenced by Eurostat data.

Among the EU member states, the highest monthly growth in industrial production in January was recorded in Poland (+13.3%), Slovenia (+10.6%) and Lithuania (+7.2%). The largest declines were observed in Ireland (-29%), Malta (-9.4%), and Estonia (-6.6%).

According to Eurostat, in January 2024, industrial production grew the most in Slovenia (+12.2%), Greece (+10.5%) and Denmark (+5.3%). At the same time, Ireland (-34.1%), Estonia (-8.6%) and Bulgaria (-7.6%) showed the largest drop in industrial production compared to January 2023.

In January 2024, energy production in the euro area increased by 0.5% m/m, and in annual terms it rose by 0.3%. In the EU, energy production in this period increased by 0.6% m/m and y/y.

As GMK Center reported earlier, in December, industrial production in the EU and the eurozone increased by 2.6% compared to the previous month. Compared to December 2022, industrial production in the euro area and the EU increased by 1.2%. In 2023, industrial production decreased by 2.4% in the euro area and by 2% in the EU.

In December 2023, inflation in the euro area rose by 2.9% y/y, accelerating from 2.4% in November. Thus, inflation in Europe increased for the first time since April 2023.