Industrial Production in the EU, Eurozone, and Croatia Decreased in October

Industrial production in the EU and Eurozone decreased in October compared to September, and it also declined in Croatia after a slight increase, according to data from the European Statistical Office. In the European Union, industrial production fell by 1.9 percent compared to September, when it increased by 0.7 percent according to revised data, as shown by Eurostat’s seasonally adjusted data.

In the Eurozone, it decreased by two percent, following a revised growth of 0.8 percent in September. In all observed product categories, production fell, with the exception of non-durable consumer goods. The largest decline in both areas on a monthly basis was recorded in energy production, which fell by 3.5 percent in the EU and 3.9 percent in the Eurozone, as shown in the statistical office’s tables.

Following are durable consumer goods with a production decline of 1.5 percent in the EU and 1.9 percent in the Eurozone. Production of intermediate goods fell by 1.2 percent in the EU and 1.3 percent in the Eurozone. The smallest decline was recorded in the production of capital goods, at 0.6 percent in both areas. The exception is non-durable consumer goods, whose production slightly increased, by 0.2 percent in the EU and by 0.3 percent in the Eurozone.

The Largest Decline in Ireland

Among the member states for which Eurostat had data, the largest monthly decrease in industrial production in October was in Ireland, by 10.7 percent. Eurostat notes that the Irish statistical office is currently analyzing the methodology for seasonal adjustment. Luxembourg follows with a production decline in October of 4.4 percent compared to the previous month, and the Czech Republic is close behind, where it decreased by 3.7 percent, as stated in the report.

In Croatia, industrial production according to seasonally adjusted data fell by 1.4 percent compared to September when it increased by 0.4 percent, as shown by Eurostat’s tables. Growth in industrial production was achieved in Slovakia and Lithuania, by 1.3 percent and 1.1 percent, respectively. Greece and Austria follow with growth of 0.5 and 0.2 percent, while stagnation is only visible in Latvia, as noted in the statistical office’s report. Eurostat again did not have data for Cyprus.

Growth in Production of Non-Durable and Capital Goods

Compared to October of last year, industrial production in the EU increased by 3.7 percent, slowing down from a revised 5.8 percent increase in September, according to calendar-adjusted data from the statistical office. In the Eurozone, it increased by 3.4 percent, after a 5.1 percent increase in September, according to revised data.

Double-digit growth on an annual basis was achieved in the production of non-durable consumer goods, at 11.4 percent at the Union level and 10.5 percent in the Eurozone. The category of capital goods is close behind, with production growth of 9.9 percent in the EU and 9.2 percent in the area of the common European currency.

In all other observed categories of goods, production decreased, led by energy products, with a decline of nine percent in the Union and 8.7 percent in the Eurozone compared to the same month last year. This is followed by the production of intermediate goods, with a decline of 2.5 percent in the EU and 2.9 percent in the Eurozone. The mildest decline was recorded in the production of durable consumer goods, amounting to 0.8 percent at the Union level and only 0.1 percent in the Eurozone.

Ireland, on the other hand, led in annual production growth, which in October amounted to 53.2 percent compared to the same month last year. Denmark and Malta follow, with production growth of 10.7 percent and 7.2 percent, respectively.

In Croatia, industrial production in October according to calendar-adjusted data slightly decreased by 0.3 percent compared to the same month last year, after a 2.2 percent growth in September. The largest annual decline in October was recorded in Estonia, by 5.8 percent. Luxembourg and Belgium follow, with production declines of 3.8 percent and 2.8 percent, respectively.