Industrial production in the Eurozone fell by 0.1 m/m in June

In June 2024, seasonally adjusted industrial production in the Eurozone decreased by 0.1% compared to May, while it remained unchanged in the EU. This is evidenced by Eurostat data.

Compared to June 2023, industrial production in the Eurozone decreased by 3.9%, in the EU – by 3.2%.

Among EU member states, the highest monthly growth in industrial production in June was observed in Romania (+4%), Finland (+3.6%) and Slovakia (+2.1%). The biggest decrease was recorded in Ireland (-7.8%), Belgium (-6.5%), Croatia and Portugal (both -3.7%).

On an annual basis, according to Eurostat, in June 2024, industrial production grew the most in Greece (+9.5%), Cyprus (+8.8%) and Malta (+6.3%).
Ireland (-17.4%), Croatia (-8.3%) and Latvia (-5.5%) showed the biggest drop in industrial production compared to June 2023.

Energy production in the Eurozone in June 2024 increased by 1.9% m/m and 2.6 y/y. In the EU, energy production increased by 1.4% m/m in the specified period and 2.6% y/y.

According to updated data, in May industrial production in the Eurozone fell by 0.9% compared to the previous month, in the EU – by 1.2%

As GMK Center reported earlier, on July 18, the European Central Bank left key interest rates at their current level. The base rate for loans is 4.25%, for deposits – 3.75%, for margin loans – 4.5%.

Also, in June, the European Central Bank lowered key interest rates by 25 basis points for the first time since 2019. The ECB also raised its inflation forecast to 2.5% in 2024 from 2.3% previously expected, and in 2025 – from 2% to 2.2%. In addition, the regulator raised the Eurozone GDP growth forecast for 2024 to 0.9% from 0.6% expected in March, but lowered it for 2025 to 1.4% from 1.5%.