Eurostat: Industrial Production in the EU and Croatia Decreased on a Monthly Basis

Industrial production in the European Union decreased again in July on a monthly basis, although its decline was half as severe as in the previous month, while in Croatia it significantly decreased, reported the European statistical office.

At the EU level, seasonally adjusted industrial production decreased by 0.3 percent in July compared to the previous month, when it recorded a significantly stronger decline according to revised Eurostat data.

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The largest decline in production was recorded in the energy sector, by 1.1 percent, and the production of non-durable consumer goods also significantly decreased, by 0.6 percent.

Production of intermediate and capital goods, however, increased by 0.4 percent each.

In the eurozone, industrial production in July, according to Eurostat’s estimates, was almost stagnant compared to the previous month when it fell by 0.6 percent.

At the same time, the production of capital goods increased by 0.8 percent. The production of durable consumer and intermediate goods also increased more significantly, by 0.7 and 0.5 percent, respectively.

In the energy sector, production decreased by 1.2 percent.

Among the EU countries for which Eurostat had data, the largest monthly decline in July was recorded in the Czech industry, by 9.8 percent. Hungary followed with a production decline of 4.1 percent, and Slovakia and Malta where it decreased by 3.3 percent each.

In Croatia, seasonally adjusted industrial production fell by 1.2 percent in July compared to the previous month, when it increased by 0.8 percent according to revised data. Initially, its growth in June was estimated at 1.2 percent.

The largest growth in industrial production among EU countries was recorded by Portugal, by 1.9 percent. Ireland followed with 1.8 percent and France with 0.6 percent, according to Eurostat data.

Stable Growth of Production in the EU on an Annual Basis

On an annual basis, seasonally adjusted industrial production in the EU increased by 3.1 percent in July, at the same pace as in the previous month, calculated Eurostat, revising the June data.

The growth stems from a 5.0 percent increase in the production of durable consumer goods. The production of intermediate and capital goods also increased more significantly, by 4.8 and 4.6 percent, respectively.

Energy production was almost stagnant, and only the production of non-durable consumer goods decreased, by 0.4 percent.

In the area of the common European currency, industrial production in July, according to Eurostat’s estimates, increased by 3.2 percent on an annual basis, after a revised growth of 2.8 percent in the previous month.

The largest increase was recorded in the production of durable consumer goods, by 5.7 percent, and intermediate goods, by 4.8 percent. Energy production also increased, by 1.2 percent.

Only the sector of non-durable consumer goods recorded a decline, by 0.5 percent.

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Among the EU countries for which the European statistical office had data, the largest annual increase in industrial production in July was recorded in Slovakia, by 9.2 percent, followed by Latvia, by 8.9 percent, and Romania, by 7.6 percent.

In Croatia, seasonally adjusted industrial production in July increased on an annual basis by 2.5 percent, after a revised growth of 4.3 percent in the previous month, according to Eurostat data. Initially, its growth in June was estimated at 4.0 percent.

Only Ireland, with a decline of 9.2 percent, Denmark, with 3.1 percent, and Malta, with 1.7 percent, recorded a decline in production on an annual basis in July.