Industrial production in the euro area and in the European Union decreased in November, however, Croatia, Denmark and Sweden saw the biggest year-on-year rise in industrial output, according to a report released by the EU statistical office Eurostat on Monday.

Industrial production dropped by 0.3% in the eurozone and by 0.2% in the 27-strong European Union in November from October, according to seasonally adjusted data. In October, it contracted 0.7% and 0.5% respectively.

In November 2023, the production of durable consumer goods shrank by 2% in the euro area and by 1.8% in the EU. The production of capital goods fell by 0.8% both in the euro area and in the EU. Intermediate goods also saw a drop, of 0.6% and 0.7% respectively.

The production of non-durable consumer goods rose month-on-month by 1.2% in the euro area and by 1.7% in the Union. The production of energy increased 0.9% and 0.7% respectively.

In Greece, the volume of industrial production saw the biggest drop, of -4.1%, and it was followed by Slovakia and Belgium, with -3.8%.

Croatia saw a month-on-month rise of 2.6% after registering a drop of 1.4% in October.

The biggest monthly rise, of 9.1%, was reported by Denmark, followed by Slovenia (+3.7%) and Portugal (3.4%).

Industrial output shrinks on the year

In the euro area and in the European Union, industrial production contracted 6.8% and 5.8% in November compared to November 2022.

Double-digit falls were seen in Ireland (-30.4%), Belgium (-11.6%), Bulgaria (-10.9%) and the Netherlands (-10.3%).

On the other hand, Denmark’s industrial output increased 14.4%, and Croatia’s by 4.8%. Sweden followed. with a 3.4% rise.