Moreover, December 2023 saw industrial production rise by 1.2 per cent in both the euro area and the EU compared to December 2022, indicating a steady upward trajectory in manufacturing activity.

However, despite these positive monthly and annual figures, the annual average industrial production for the year 2023 exhibited a decline of 2.4 per cent in the euro area and 2.0 per cent in the EU compared to 2022, Eurostat, the statistical office of the European Union, said in a press release.

Industrial production in the euro area in December 2023, compared with November 2023, grew by 20.5 per cent for capital goods, by 0.5 per cent for durable consumer goods, by 0.3 per cent for energy and by 0.2 per cent for non-durable consumer goods, while production fell by 1.2 per cent for intermediate goods.

In the EU, in December 2023, compared with November 2023, industrial production grew by 18.0 per cent for capital goods, by 0.6 per cent for non-durable consumer goods and by 0.4 per cent for both energy and durable consumer goods, while production fell by 0.7 per cent for intermediate goods.

Among Member States for which data are available, the highest month-on-month increases were registered in Ireland (+23.5 per cent), the Netherlands (+6.6 per cent) and Denmark (+5.6 per cent). The largest decreases were observed in Slovenia (-7.4 per cent), Croatia (-4.3 per cent) and Finland (-2.7 per cent).

Industrial production in the euro area in December 2023, compared with December 2022, grew by 9.4 per cent for capital goods, while production fell by 1.7 per cent for energy, by 3.6 per cent for intermediate goods, by 3.7 per cent for non-durable consumer goods and by 5.4 per cent for durable consumer goods.

In the EU, in December 2023, compared with December 2022, industrial production grew by 8.6 per cent for capital goods, while production fell by 1.3 per cent for energy, by 1.7 per cent for non-durable consumer goods, by 4.0 per cent for intermediate goods and by 6.4 per cent for durable consumer goods.

Among Member States for which data are available, the highest annual increases in December were registered in Ireland (+44.7 per cent), Denmark (+6.7 per cent) and Malta (+5.0 per cent). The largest decreases were observed in Slovenia (-10.2 per cent), Hungary (-8.7 per cent) and Bulgaria (-6.9 per cent).

Fibre2Fashion News Desk (KD)