Industrial production in the Eurozone in November 2022 increased by 2% y/y

Seasonally adjusted industrial production in the Eurozone and the EU in November 2022 increased by 2% compared to the same period last year. This is evidenced by Eurostat data, informs SteelOrbis.

Among EU member states, the highest monthly industrial production growth in November last year was recorded in Ireland (+6.4%), Luxembourg (+5%) and Malta (+4.6%).

On an annual basis, industrial production in November 2022 increased the most in Ireland (+34.9%), Malta (15.5%), Denmark (+9.3%). The biggest decline in industrial production was observed in Estonia (-12.2% y/y), Slovakia (-10.7%), Romania (-4%).

Energy production in the Eurozone in November 2022 decreased by 0.9% m/m. In the EU, it increased by 0.1% compared to the previous month. Annually, energy production in the Eurozone fell by 10.7%, in the EU – by 10.2%.

As GMK Center reported earlier, despite high energy prices, record inflation and supply problems, Germany’s gross domestic product (GDP) increased by 1.9% compared to the previous year. This is evidenced by the data of the Federal Statistical Office (Destatis). The general economic situation in the country last year was affected by the consequences of the war in Ukraine and the extremely high increase in energy prices.

Also, World Bank is concerned that «further adverse shocks» could push the global economy into recession in 2023. ven without a new crisis, global growth is expected to slow sharply this year, reflecting the tightening of high-inflation containment policies, deteriorating financial conditions, and problems due to Russia’s invasion of Ukraine.