Industrial production in the euro area has been growing for the seventh month in a row

Industrial production in the euro area has been growing for the seventh month in a row

Industrial production in the euro area recorded month-on-month growth in November for the seventh month in a row, with growth accelerating. In a year-on-year comparison, industrial production decreased, but the rate of decline was much slower. This was pointed out by data published on Wednesday by the statistical office of the European Union, Eurostat.

The growth rate of industrial production has accelerated

Seasonally adjusted industrial production in the euro area increased by 2.5 percent in November compared to October and by 2.3 percent in the wider European Union. The growth rate thus accelerated, reaching month-on-month growth of 2.3 percent in the euro area and 2 percent in the European Union in October. The production of capital goods in the euro area increased by 7 percent month-on-month and semi-finished goods by 1.5 percent. On the contrary, the production of durable goods fell by 1.2, short-term consumption by 1.7 percent and energy by 3.9 percent. Year-on-year, industrial production in the euro area fell by 0.6 percent. This is a significantly more modest decline than in October, when it reached 3.5 percent.

Most in Ireland

Of the individual Member States, industrial production increased the most in month-on-month terms in Ireland, where growth reached 52.8 percent. It was followed by Greece with growth of 6.3 percent and Denmark, where industrial production increased by 5.3 percent. The most significant decreases were recorded in Portugal (-5.1 percent), Belgium (-3.5 percent) and Croatia with a decrease of 2.6 percent. Year-on-year, industrial production fell the most in Bulgaria, France and Italy. In the first case, the decline reached 5 percent, in France production in industry fell by 4.9 percent and in Italy by 4.2 percent. The most significant growth was recorded in Ireland (40.8 percent), Greece (8.8 percent) and Poland, where industrial production increased by 2.9 percent.