Eurozone industrial output records strongest growth since August 2022

By Tuba Ongun

ANKARA (AA) – Industrial production both in the euro area and the EU in December 2023 registered their strongest growth since August 2022, according to Eurostat data released on Wednesday.

Industrial output in the single-currency zone and the 27-member bloc increased 2.6% month-on-month in December, bucking market forecast of a 0.2% decline.

The eurozone's December figure followed an upwardly revised hike of 0.4% in November, data showed.

"Industrial production in the euro area in December 2023, compared with November 2023, grew by 20.5% for capital goods, by 0.5% for durable consumer goods, by 0.3% for energy and by 0.2% for non-durable consumer goods, while production fell by 1.2% for intermediate goods," it said.

Among member states with available data, the largest monthly growths were in Ireland (23.5%), the Netherlands (6.6%) and Denmark (5.6%), according to Eurostat.

The highest monthly decreases were in Slovenia (7.4%), Croatia (4.3%) and Finland (2.7%).

On an annual basis, industrial output grew 1.2% both in the euro area and in the EU.

The annual average industrial production for 2023 dropped by 2.4% in the euro area and 2% in the 27-member bloc.

The eurozone/euro area, or EA19, represents member states that use the single currency – the euro – while the EU27 includes all member countries of the bloc.