In the euro area, this indicator increased by 1.8% month-on-month.
EU industrial production (seasonally adjusted) increased by 1.3% in August 2024 compared to July. In the euro area, this indicator increased by 1.8% month-on-month. This is evidenced by preliminary data from Eurostat.
Compared to August 2023, industrial production in the euro area increased by 0.1% and in the EU by 0.2%.
Among EU member states, the highest monthly growth rates in industrial production in August were in Ireland (+4.5%), Germany (+3.3%) and Lithuania (+3.3%). The largest declines were recorded in Luxembourg (-9.2%), Croatia (-4.6%) and Denmark (-4.5%).
The countries with the highest year-on-year growth in industrial production in August were Ireland (up 15.8%), Denmark (up 10.7%) and Slovenia (up 7.2%). The largest declines in industrial production compared to August 2023 were in Luxembourg (-11.7%), Estonia (-6%) and Hungary (-4.2%).
In August, energy production in the euro area increased by 0.4% from the previous month and by 2.6% from the same month last year. In the EU, energy production increased by 0.2% month-on-month and by 2.2% year-on-year in the period.
According to the latest data, industrial production in the euro area fell by 2.1% year-on-year and 0.5% month-on-month in July, while in the EU it fell 1.5% year-on-year and 0.3% month-on-month.
As GMK Center previously reported, the European Central Bank cut all three major interest rates in September. Deposit interest rates were lowered by 25 basis points to 3.5%. The interest rate on major refinancing operations was reduced to 3.65% and the interest rate on marginal loans was reduced to 3.9%.
