Eurozone, EU experience sharp decline in industrial production in January
Date
3/14/2024 6:39:49 AM
(MENAFN) According to Eurostat, the statistical authority of the European Union, industrial production witnessed a significant decline in both the Eurozone and the broader EU in January, as reported on Wednesday. Comparing figures from January to the same period a year ago, production dropped by 6.7 percent in the euro area and 5.7 percent in the EU.
Delving into specific sectors within the Eurozone, capital goods experienced the most notable decrease, plummeting by 12.1 percent, followed by durable consumer goods with an 8.4 percent decline. Non-durable consumer goods saw a 3.1 percent reduction, while intermediate goods and energy production also registered decreases, albeit less pronounced, at 2.5 percent and 0.3 percent respectively.
Similarly, in the broader EU, the trend of decline was evident across various sectors, with capital goods exhibiting the steepest drop of 10.1 percent. Durable consumer goods followed with an 8.1 percent decrease, while intermediate goods, non-durable consumer goods, and energy production also saw declines of 3.3 percent, 1.3 percent, and 0.6 percent respectively.
Among individual member states, Ireland experienced the most significant annual decrease in industrial production at 34.1 percent, followed by Estonia with an 8.6 percent decline and Bulgaria with 7.6 percent. Conversely, Slovenia, Greece, and Denmark recorded the highest increases at 12.2 percent, 10.5 percent, and 5.3 percent respectively.
In terms of monthly changes, industrial production in the Eurozone fell by 3.2 percent, while in the broader EU, the decline was slightly less at 2.1 percent. It's worth noting that the Eurozone, also known as the euro area (EA19), consists of member states that utilize the euro as their currency, while the EU27 encompasses all member countries within the bloc.
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