Industrial production in the EU increased by 0.1% m/m in November

In November 2024, seasonally adjusted industrial production in the EU increased by 0.1% compared to October. In the euro area, the figure increased by 0.2% m/m. This is evidenced by preliminary data from Eurostat.

Compared to November 2023, industrial production in the euro area decreased by 1.9%, in the EU – by 1.7%.

Among the EU member states, the largest monthly growth was recorded in Belgium (+8.7%), Malta (+7.1%) and Lithuania (+4.3%). The largest decline was observed in Ireland (-5.8%), Luxembourg (-3.9%) and Portugal (-3.4%).

On an annualized basis, industrial production in November 2024 fell the most in Croatia (-6.6%), Ireland (-5.6%) and Austria (-5.0%). The largest increase was observed in Malta (+13.5%), Belgium (+8.7%) and Greece (+4.8%).

Energy production in the euro area in November increased by 1.1% m/m and fell by 1.3% y/y. In the EU, energy production in the period under review increased by 1.3% m/m and decreased by 0.8% y/y.

According to the revised data, in October, industrial production in the euro area fell by 1.1% y/y and increased by 0.2% m/m, while in the EU it decreased by 0.6% y/y and increased by 0.4% m/m.

On December 12, the ECB cut all three key interest rates for the fourth time in the past year. The regulator predicts that headline inflation will average 2.4% in 2024, 2.1% – in 2025, 1.9% – in 2026, and 2.1% – in 2027, when the EU’s expanded emissions trading system comes into effect.

Inflation in the euro area in December 2024 increased by 2.4% compared to the same month in 2023. Thus, the indicator accelerated the growth rate compared to November, when it amounted to +2.2% y/y.