In May 2024, seasonally adjusted industrial production in the euro area decreased by 0.6 per cent compared to April 2024, while the European Union (EU) experienced a decline of 0.8 per cent, according to the first estimates from Eurostat, the statistical office of the EU. In contrast, April 2024 saw industrial production remain unchanged in the euro area and grow by 0.5 per cent in the EU.

Year-on-year (YoY) comparisons show that in May 2024, industrial production decreased by 2.9 per cent in the euro area and by 2.5 per cent in the EU. Within the euro area, industrial production for May 2024, compared to April 2024, saw a decrease of 1 per cent for intermediate goods and a decline of 1.8 per cent for durable consumer goods. Conversely, energy production increased by 0.8 per cent, and non-durable consumer goods saw a rise of 1.6 per cent.

In the EU, industrial production for May 2024 compared to April 2024 experienced a 1 per cent decrease for intermediate goods and a 2.1 per cent decline for durable consumer goods. Energy production rose by 0.4 per cent, and non-durable consumer goods increased by 0.8 per cent. The largest monthly decreases in industrial production were recorded in Slovenia with a decline of 7.3 per cent, Romania at 6.2 per cent, and Denmark at 4.9 per cent. On the other hand, the highest increases were observed in Ireland, which saw a growth of 6.7 per cent, Luxembourg at 3.9 per cent, and Estonia at 3.8 per cent, as per Eurostat.

YoY analysis for May 2024 in the euro area reveals a 3.5 per cent decrease in production for intermediate goods and a 4.2 per cent decline for durable consumer goods. However, energy production increased by 0.7 per cent, and non-durable consumer goods rose by 2.8 per cent. In the EU, industrial production saw a YoY decrease of 3.1 per cent for intermediate goods and a 4.1 per cent decline for durable consumer goods. Energy production in the EU increased by 1.2 per cent, and non-durable consumer goods saw a 3.3 per cent rise.

The largest annual decreases in industrial production were recorded in Romania with a decline of 6.9 per cent, Germany at 6.6 per cent, and Bulgaria at 6.3 per cent. Conversely, the highest annual increases were observed in Denmark, which saw a significant rise of 9.6 per cent, followed by Ireland at 8.7 per cent, and Greece at 6.8 per cent.

Fibre2Fashion News Desk (DP)