Industrial production in the EU increased by 0.3% m/m in October

In October of this year, seasonally adjusted industrial production in the EU increased by 0.3% compared to September. In the euro area, the figure remained at the level of the previous month. This is evidenced by preliminary data from Eurostat.

Compared to October 2023, industrial production in the euro area decreased by 1.2%, and in the EU – by 0.8%.

Among the EU member states, the largest monthly growth in October was observed in Ireland (+5.7%), Denmark (+5.4%) and Poland (+3.5%). The largest drops were recorded in Lithuania (-7.5%), Belgium (-6.2%) and Croatia (-3.9%).

On an annualized basis, industrial production in October fell the most in Belgium (-7.9%), Germany (-4.9%) and Italy (-3.6%). The largest increase was observed in Ireland (+15.2%), Denmark (+8.6%) and Malta (+6.2%).

Energy production in the euro area in October fell by 1.9% m/m and 1% y/y. In the EU, energy production in the same period decreased by 1.3% m/m and 1.4% y/y.

According to the revised data, in September, industrial production in the euro area fell by 2.2% y/y and 1.5% m/m, and in the EU – by 1.8% y/y and 1.4% m/m.

On December 12, the ECB cut all three key interest rates for the fourth time in a 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.

In November, inflation in the euro area rose by 2.3% compared to the same month in 2023. Thus, the indicator accelerated the growth rate compared to October, when it was +2% y/y.