In January, industrial production in the Eurozone fell by the largest rate in ten months

By: Trademagazin Date: 2024. 03. 13. 11:47

Industrial production in the Eurozone and the EU fell more than expected in January, the largest in ten months, according to a Wednesday report by Eurostat, the statistical office of the European Union.

In January, industrial production fell by 3.2 percent compared to the previous month, the largest decrease since March last year in the euro area and by 2.1 percent in the EU, compared to the 1.6 percent increase in both regions in December. The market expected a 1.8 percent monthly decline in the euro zone for January.

The decrease in industrial production in January is primarily attributable to the drop in the production of capital goods, which was 14.5 percent in the euro area and 12.8 percent in the EU compared to the previous month, and respectively 12.1 percent and 10.1 percent compared to a year earlier. .

The largest monthly decrease was registered in Ireland in January, 29.0 percent, and in Malta 9.4 percent, and in Estonia 6.6 percent. Compared to the previous month, industrial production increased the most in Poland in January, by 13.3 percent, in Slovenia by 10.6 percent and in Lithuania by 7.2 percent.