Euro area's industrial production decreases 0.1% in June 2024

When compared with June 2023, industrial production in June 2024 experienced a notable decrease, dropping by 3.9 per cent in the euro area and by 3.2 per cent in the EU.

Within the euro area, certain categories of goods saw mixed results in June 2024 when compared to the previous month. Industrial production increased by 0.7 per cent for intermediate goods, by 1.9 per cent for energy, and by 3.8 per cent for durable consumer goods. However, there was a significant decrease of 2.5 per cent for non-durable consumer goods.

In the broader EU, the trends were similar, with industrial production increasing by 0.7 per cent for intermediate goods, by 1.4 per cent for energy, and by 3.2 per cent for durable consumer goods, while non-durable consumer goods saw a decrease of 2 per cent.

Among EU member states for which data are available, the largest monthly decreases in industrial production were recorded in Ireland, which saw a decline of 7.8 per cent, followed by Belgium with a decrease of 6.5 per cent, and both Croatia and Portugal, where production fell by 3.7 per cent. Conversely, the highest monthly increases were observed in Romania, which saw a 4 per cent rise, Finland with a 3.6 per cent increase, and Slovakia, where industrial production rose by 2.1 per cent.

On a year-on-year basis, industrial production in the euro area in June 2024 compared to June 2023 showed a mixed performance across different sectors. There was a 1.5 per cent decrease for intermediate goods, while energy production increased by 2.6 per cent. However, durable consumer goods fell by 2.1 per cent and non-durable consumer goods saw a marginal increase of 0.1 per cent. In the EU, the year-on-year trends were similar, with industrial production decreasing by 1.2 per cent for intermediate goods and increasing by 2.6 per cent for energy. Durable consumer goods decreased by 2 per cent, while non-durable consumer goods saw a 0.9 per cent increase.

Among the EU member states, the largest annual decreases in industrial production were recorded in Ireland, which saw a sharp decline of 17.4 per cent, followed by Croatia with an 8.3 per cent decrease, and Latvia, where production fell by 5.5 per cent. On the other hand, the highest annual increases were observed in Greece, where industrial production rose by 9.5 per cent, Cyprus with an 8.8 per cent increase, and Malta, where production increased by 6.3 per cent.

Fibre2Fashion News Desk (DP)