Industrial production in the eurozone increased by 1% m/m in April

Seasonally adjusted industrial production in the Eurozone in April 2023 increased by 1% compared to the previous month, and in the EU – by 0.7%. This is evidenced by Eurostat data, informs SteelOrbis.

Compared to April 2022, industrial production in the Eurozone increased by 0.2%, in the EU – by 0.1%

Among the EU member states, the highest monthly increase in industrial production in April was recorded in Ireland (+21.5%), Lithuania (2.8%) and Sweden (+1.4%).

On an annual basis, according to Eurostat, in April 2023 industrial production increased in Ireland (22.5%), Malta (+14.3%) and Denmark (12.2%). At the same time, Estonia (-15.1%), the Netherlands (-12.8%) and Bulgaria (-12.5%) showed the biggest drop in industrial production compared to April 2022.

Energy production in the Eurozone increased by 1% in March 2023, but it decreased by 7.4% year-on-year. In the European Union, the indicator increased by 0.3 m/m, but decreased by 8.3% y/y.

As GMK Center reported earlier, according to Eurostat data, the economy of the Eurozone decreased for two quarters in a row. This means that it entered a technical recession. In the first quarter of 2023, seasonally adjusted GDP decreased by 0.1% in the euroarea and increased by 0.1% in the EU compared to the previous quarter. In the fourth quarter of 2022, GDP decreased by 0.1% q/q in the Eurozone and by 0.2% q/q – in the EU.

Also, inflation in the Eurozone in May 2023 slowed down to 6.1% y/y – the lowest figure since February 2022, according to preliminary data from Eurostat. In April 2023, this figure was 7%. At the same time, annual core inflation, excluding energy and food costs, slowed to 5.3%, returning to its January level (5.6% in April). Energy prices are down 1.7% from a 2.4% rise in April 2023..