Brussels – Industrial production increased on a monthly basis in February both within the euro area and in the EU. European Statistical Survey, eurostatreported in a report released today (April 15). Increased by 0.7% in EU member countries and 0.8% in countries that adopted the euro..Numbers have increased since January but remain the same Negative compared to the same period in 2023: -6.4% for the euro area and -5.4% for all 27 states.
Consumer durables boosted industrial production in February: +1.7 in the EU, +1.4 in the euro area; Capital goods also grew by 1% in the EU and 1.2% in euro countries. Production of consumer non-durable goods and energy products was negative, with the latter falling by 3% in euro countries and 3.3% within the EU.
At the state level, the highest monthly increases were in Ireland (+3.8%), Hungary (+3.5%) and Slovenia (+3.3%). In contrast, the largest declines were seen in Croatia (-4.6%), Lithuania (-3.0%) and Belgium (-2.7%).
Comparing February 2024 and February 2023. Ireland experienced the sharpest decline in industrial production; This was followed by Belgium with a decrease of 36%, followed by 12.7%. The situation in the EU is complex, in the EU he has grown only 10 countries. The best result is Spain at +3.5%.
Although the monthly growth is weak, it is a good sign. It could be “the beginning of a turnaround for the industry,” he said. Rory Fennessysenior euro area economist at Oxford Economics: “Lower wholesale energy prices should support a modest recovery in industrial production growth through 2024.” It should have a more significant positive impact,” he told Sharecast.
English version by Withub translation service
