Industrial production in the European Union and the eurozone, adjusted for seasonal changes, in May 2024 fell by 0.8% and 0.6%, respectively, compared with the previous month. Compared to May 2023, industrial production in the EU fell by 2.5%, and in the eurozone – by 2.9%. This is evidenced by the data of Eurostat.
Among the EU member states, the highest monthly increase in industrial production in May was recorded in Ireland (+6.7%), Luxembourg (+3.9%) and Estonia (+3.8%). The largest decrease was observed in Slovenia (-7.3%), Romania (-6.2%), and Denmark (-4.9%).
On an annual basis, industrial production, according to Eurostat, in May 2024 grew the most in Denmark (+ 9.6%), Ireland (+ 8.7%) and Greece (+ 6.8%). At the same time, Romania (-6.9%), Germany (-6.6%) and Bulgaria (-6.3%) showed the largest drop in industrial production compared to May 2023.
Energy production in the eurozone in May 2024 increased by 0.8% m/m, and 0.7% y/y. In the EU, energy production in this period increased by 0.4% m/m and 1.2% y/y.
Note, according to the updated data, in April industrial production in the eurozone remained unchanged compared to the previous month, and in the EU – increased by 0.5%. The figure fell by 3.1% for the eurozone and by 2.1% for the EU.
Production in the construction sector of the European Union in April 2024 increased by 0.2% compared to the previous month. Compared to April 2023, the seasonally adjusted indicator decreased by 0.9%.