Industrial production in the Eurozone in October 2022 increased by 3.4% y/y

Seasonally adjusted industrial production in the Eurozone in October 2022 increased by 3.4% y/y, in the EU – by 3.7% compared to the same period last year. This is evidenced by Eurostat data, reports SteelOrbis.

Among EU member states, the highest monthly growth of industrial production in October 2022 was recorded in Slovakia (+1.3%), Lithuania (1.1%), Greece (+0.5%) and Austria (+0.2%) .

In this period, the largest year-on-year growth was registered in Ireland (+53.2%), Denmark (+10.7%) and Malta (+7.2%). Compared to October 2021, the biggest decline in industrial production was observed in Estonia (-5.8%), Luxembourg (-3.8%) and Belgium (-2.8%).

Energy production in the Eurozone and the EU in October 2022 decreased by 3.9% m/m and by 3.5% m/m, respectively. Annually, energy production in the Eurozone fell by 8.7%, in the EU – by 9%.

As GMK Center reported earlier, industrial production in the Eurozone as well as in the EU in September 2022 increased by a seasonally adjusted 0.9% compared to the previous month. Among the member states of the European Union for which data are available, Ireland, Belgium and Hungary showed the highest monthly growth of industrial production in this period.

Also, the European Commission lowered forecasts of economic growth of the Eurozone for 2023. According to European officials, the economy is currently contracting and this process will continue in the first quarter of next year. The economic growth forecast for 2022 is 3.2%. For 2023, the European Commission predicts growth of only 0.3%, compared to the previous expectations of 1.4%, published in July.