In the euro area, the indicator decreased by 0.3% month-on-month.
Seasonally adjusted industrial production in the EU in July 2024 decreased by 0.1% compared to June. In the euro area, it decreased by 0.3% month-on-month, as evidenced by preliminary data from Eurostat.
Compared to July 2023, industrial production in the euro area fell by 2.2% and in the EU by 1.7%.
Among EU Member States, the highest monthly industrial production growth rates in July were recorded in Ireland (+9.2%), Croatia (+8%) and Belgium (+7.3%). The largest declines were recorded in Malta (-5.5%), Estonia (-4.8%) and Romania (-3.4%).
In annualized terms, industrial production recorded the largest increases in July this year in Denmark (+19.8%), Greece (+10.8%) and Finland (+6.4%). Compared to July 2023, the largest declines in industrial production were recorded in Hungary (-6.4%), Estonia (-5.8%) and Germany (-5.5%).
Eurozone energy production increased 0.3% m/m and 1.7% y/y in July. In the EU, energy production for the selected period increased 0.4% m/m and 2.3% y/y.
Revised data showed eurozone industrial production was flat in June compared to the previous month, while in the EU it rose 0.1% month-on-month.
The European Central Bank cut all three key interest rates in September. The deposit rate was cut by 25 basis points to now stand at 3.5%. The key refinancing rate was cut to 3.65% and the margin lending rate to 3.9%.
