Industrial production of Europe

Compared to September 2022, industrial production in the Eurozone fell by 6.9%, in the EU – by 6.1%

Seasonally adjusted industrial production in the euro area in September 2023 increased by 1.1% compared to the previous month. In the EU, the figure increased by 0.9% m/m. This is evidenced by Eurostat data.

Compared to September 2022, industrial production in the euro area fell by 6.9%, in the EU – by 6.1%.

Among the EU member states, the highest monthly growth in industrial production in September was recorded in Croatia (+4.3%), Slovenia (+4.1%) and Denmark (+1.1%). The largest declines were observed in Belgium (-3.2%), Portugal (-3%), and Estonia and Ireland (-2.9% each).

According to Eurostat, in September 2023, industrial production grew the most in Denmark (+2.8%), Greece (+2.1%) and Croatia (+1.6%). At the same time, Ireland (-27.2%), Belgium (-14%) and Estonia (-12.5%) showed the largest drop in industrial production compared to September 2022.

Energy production in the Eurozone in September 2023 decreased by 1.3% m/m, in annual terms it fell by 5.8%. In the EU, energy production in this period fell by 1% m/m, compared to September 2022 – by 5.5%.

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.