Industrial production in the Eurozone decreased by 0.7% m/m in October

Seasonally adjusted industrial production in the euro area in October 2023 decreased by 0.7% compared to the previous month. In the EU, the figure decreased by 0.5% m/m. This is evidenced by Eurostat data.

Compared to October 2022, industrial production in the euro area fell by 6.6%, in the EU – by 5.5%.

Among the EU member states, the highest monthly growth in industrial production in October was recorded in Greece (+6%), Portugal (+3.8%), and the Czech Republic (+2.9%). The largest declines were observed in Ireland (-7%), Malta (-2.5%), and the Netherlands (-2.1%).

According to Eurostat, in October 2023, industrial production grew the most in Greece (+10.8%), Denmark (+6.9%) and Slovakia (+4.4%). At the same time, Ireland (-34%), Estonia (-12.2%) and the Netherlands (-11.1%) showed the largest drop in industrial production compared to October 2022.

Energy production in the eurozone in October 2023 increased by 1.1% m/m, while in annual terms it fell by 0.5%. In the EU, energy production in the same period increased by 2.2% m/m, and by 0.3% compared to October 2022.

Inflation in the Eurozone in October 2023 increased by 2.9% y/y slowing down from 4.3% in September. Thus, inflation in Europe updated the minimum since July 2021.

As GMK Center reported earlier, Eurozone GDP in July-September 2023 decreased by 0.1% compared to April-June 2023. Compared to the third quarter of 2022, the economy of the Eurozone grew by 0.1%.

The economy of the European Union in the III quarter of 2023 grew by 0.1% compared to the previous quarter. In annual terms, EU GDP grew by 0.1% in the third quarter.