Industrial production in the EU grew by 0.7% m/m in February

In February 2024, seasonally adjusted industrial production in the euro area and the European Union increased by 0.8% and 0.7%, respectively, compared to the previous month. Compared to February 2023, industrial production in the euro area and the EU fell by 6.4% and 5.4%, respectively. This is evidenced by Eurostat data.

Among the EU member states, the highest monthly growth in industrial production in February was recorded in Ireland (+3.8%), Hungary (+3.5%), and Slovenia (+3.3%). The largest declines were observed in Croatia (-4.6%), Lithuania (-3%), and Belgium (-2.7%).

According to Eurostat, in February 2024, industrial production grew the most in Spain (+3.5%), Slovenia (+2.8%) and Denmark (+2.7%). At the same time, Ireland (-36%), Belgium (-12.7%) and Bulgaria (-8.4%) showed the largest drop in industrial production compared to January 2023.

In February 2024, energy production in the euro area fell by 3.3% m/m, and in annual terms it decreased by 3.6%. In the EU, energy production in the same period fell by 3.3% m/m and 3.5% y/y.

As GMK Center reported earlier, in January, seasonally adjusted industrial production in the euro area and the European Union in January 2024 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.

In March 2024, inflation in the euro area rose by 2.4% y/y, slowing from 2.6% in February. Thus, inflation in Europe has been declining for the third month in a row.