Croatia at the Top of the EU for Decline in Industrial Production

Industrial production in the eurozone and the European Union slightly increased in August, while Croatia, alongside Hungary, recorded the largest decline, according to a report from Eurostat released on Friday.

Industrial production in the eurozone and the EU increased by 0.6 percent in August compared to the previous month, when it had decreased by 1.3 percent, according to revised data calculated by statisticians.

The production of durable goods for consumer use saw the highest increase, rising by 1.2 percent in both areas, following nearly the same percentage decline in the previous month. The production of non-durable goods for consumer use and capital goods also saw a slight increase. However, the production of energy fell the most in August, by 0.9 percent in the eurozone and by 0.5 percent in the EU.

Croatia alongside Hungary

Among the member states for which Eurostat had data, Ireland recorded the highest monthly increase in industrial production in August, at 6.1 percent. This was followed by Slovakia and Lithuania, with production growth of 4.5 and 3.7 percent, respectively.

Conversely, the production in the Hungarian industry decreased the most, by 2.4 percent compared to July.

Croatia is close behind, with a decline in industrial production in August of 2.2 percent compared to July, when it decreased by three percent, according to revised Eurostat data. Belgium is also in this group, where production decreased by 1.8 percent. Eurostat again did not have data for Cyprus.

Stronger Decline

On an annual basis, industrial production in the eurozone and the EU fell in August by 5.1 and 4.4 percent, respectively, approximately double the decline of the previous month.

In both areas, the production of durable goods for consumer use saw the largest decrease, by 7.2 percent in the eurozone and by 7.3 percent in the EU.

The eurozone also recorded nearly the same percentage decline in the production of capital goods, while the energy sector was close behind with a 6.3 percent decrease in production. In the EU, it decreased by 6.7 percent.

The production of non-durable goods for consumer use saw the mildest decline in the area of the common euro currency, at 1.5 percent. In the EU, it remained at the level of last year’s August.

Triple with Double-Digit Decline

Among the EU countries for which data was available to Eurostat, Ireland recorded the strongest annual decline in production in August, at 27.3 percent. Slovenia and Estonia also recorded double-digit declines, at 12.3 and 11.9 percent, respectively.

In Croatia, industrial production in August, according to seasonally adjusted data, fell on an annual basis by 2.4 percent. In July, it decreased by 0.7 percent.

Germany recorded a nearly identical percentage decline in August, at 2.3 percent, while Belgium was close behind with a production decline of 2.2 percent.

The highest annual increase in production was recorded in Slovakia, at 4.7 percent. This was followed by Denmark and Malta, with production increases of 3.5 and three percent compared to last August.