Euro area & EU's industrial production shrinks in Dec '22: Eurostat

Compared to December 2021, the industrial production in December 2022 decreased by 1.7 per cent in the euro area and 0.4 per cent in the EU. Meanwhile, the annual average industrial production for the year 2022 increased by 0.9 per cent in the euro area and 1.9 per cent in the EU compared to 2021.

In the euro area, the production of intermediate goods fell by 2.8 per cent, durable consumer goods by 1.4 per cent, and non-durable consumer goods by 1 per cent. However, production of energy grew by 1.3 per cent. Meanwhile, production of intermediate goods, and durable consumer goods dropped by 2.4 per cent and 0.7 per cent respectively, in the EU. However, the production of non-durable consumer goods and energy grew by 1 per cent and 1.3 per cent, respectively.

Among the member states, Ireland, Luxembourg, and Lithuania had the largest monthly decreases. Denmark, Portugal, and Hungary had the highest monthly increases.

In the euro area, the production of energy, intermediate goods, and durable consumer goods decreased by 9.3 per cent, 6.9 per cent, and 1.3 per cent, respectively, when compared to December 2021. Meanwhile, the production of non-durable consumer goods grew by 7.9 per cent. The EU had a similar trend, with a decline in energy, intermediate goods, and durable consumer goods production, but an increase in the production of non-durable consumer goods.

Among the member states, Slovakia, Estonia, and Luxembourg experienced the largest annual decreases, while Denmark, Malta, Hungary, and Poland had the highest annual increases.

ALCHEMPro News Desk (DP)