Industrial production in the EU increased by 0.2% m/m in March

Compared to March 2023, the indicator decreased by 1%

Seasonally adjusted industrial production in the European Union and the euro area in March 2024 increased by 0.2% and 0.6%, respectively, compared to the previous month. Compared to March 2023, industrial production in the EU and the euro area fell by 1%. This is evidenced by Eurostat data.

Among the EU member states, the highest monthly growth in industrial production in February was recorded in Ireland (+12.8%), Belgium (+6.8%) and Luxembourg (+4.5%). The largest declines were observed in Slovenia (-5.9%), Poland (-5.1%), and Finland (-3.9%).

On an annualized basis, industrial production, according to Eurostat, in March 2024, increased the most in Ireland (+37%), Cyprus (+8.5%) and Romania (+3.5%). At the same time, Finland (-7.7%), Bulgaria (-7.6%) and Austria (-7.0%) showed the largest drop in industrial production compared to March 2023.

In March 2024, energy production in the euro area fell by 0.9% m/m, and in annual terms it decreased by 3.5%. In the EU, energy production in the same period fell by 0.2% m/m and 2.6% y/y.

As GMK Center reported earlier, in February, 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.

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.