EU & euro area's industrial production declines in October 2023

Specifically, the seasonally adjusted industrial production fell by 0.7 per cent in the euro area and by 0.5 per cent in the EU compared with September 2023. This decline followed a decrease of 1 per cent in the euro area and 0.8 per cent in the EU from August to September 2023.

When comparing year-on-year figures, October 2023 industrial production decreased significantly by 6.6 per cent in the euro area and by 5.5 per cent in the EU, compared to October 2022.

Breaking down the October 2023 data, the euro area experienced varied production changes compared to September 2023: production of intermediate goods and non-durable consumer goods both fell by 0.6 per cent, whereas production of durable consumer goods and energy saw increases of 0.2 per cent and 1.1 per cent, respectively.

Similarly, in the EU, there was a a 0.7 per cent decrease in intermediate goods production and a 0.5 per cent decrease in non-durable consumer goods. Conversely, durable consumer goods and energy production grew by 0.3 per cent and 2.2 per cent, respectively.

Among the Member States, Ireland (minus 7 per cent), Malta (minus 2.5 per cent), and the Netherlands (minus 2.1 per cent) recorded the largest monthly decreases. On the other hand, Greece (6 per cent), Portugal (3.8 per cent), and Czechia (2.9 per cent) observed the highest increases.

In a year-over-year comparison for October 2023, the euro area saw a decrease across various sectors: non-durable consumer goods by 7.8 per cent, durable consumer goods by 6.2 per cent, intermediate goods by 4.1 per cent, and energy by 0.5 per cent.

In the EU, the annual data showed a similar trend with decreases in production of durable consumer goods (7 per cent), non-durable consumer goods (5.2 per cent), and intermediate goods (4.4 per cent), while energy production slightly increased by 0.3 per cent.

Among the Member States, the largest annual decreases were in Ireland (minus 34 per cent), Estonia (minus 12.2 per cent), and the Netherlands (minus 11.1 per cent). Conversely, Greece (10.8 per cent), Denmark (6.9 per cent), and Slovakia (4.4 per cent) experienced the highest increases.

Fibre2Fashion News Desk (DP)