Industrial production in the eurozone grew by 0.5% m/m in June

Seasonally adjusted industrial production in the Eurozone in June 2023 increased by 0.5% compared to the previous month, in the EU – by 0.4%. This is evidenced by Eurostat’s data.

Compared to June 2022, industrial production in the Eurozone and the EU decreased by 1.2%.

Among EU member states, the highest monthly growth in industrial production in June was recorded in Ireland (+13.1%), Denmark (+6.3%) and Lithuania (+3.2%). The largest decrease was observed in Sweden (-5.3%), Finland and Malta (-3.3% both), as well as Belgium (-3.0%).

On an annual basis, according to Eurostat, industrial production increased the most in June in Denmark (+12.3%), Ireland (+8.3%) and Slovakia (+3.6%). At the same time, Estonia (-12.7%), Bulgaria (-9.3%) and Belgium (-7.6%) showed the biggest drop in industrial production compared to June 2022.

Energy production in the Eurozone and the EU in June 2023 increased by 0.5% m/m. In annual terms, it fell by 7.8% in the Eurozone, in the European Union – by 8.9%.

As GMK Center reported earlier, inflation in the Eurozone in July 2023 slowed down to 5.3% y/y. Thus, this indicator in Europe slowed down for the third month in a row, reaching the lowest level since January 2022. In June 2023, it was 5.5%.

Also, Eurozone GDP in April-June 2023 increased by 0.3% compared to January-March 2023. Compared to the second quarter of 2022, the economy of the Eurozone grew by 0.6%.