Croatia among EU countries with more pronounced drop in industrial production

According to seasonally adjusted data, industrial production in the euro area and the EU dropped in July 2023 by 1.1% compared to the previous month, when it grew by 0.4%, while compared to July 2022, it dropped by 2.2% in the euro area and by 2.4% in the EU.

Month-on-month, the production of capital goods in July 2023 dropped the most, by 2.7% in the euro area and by 2.4% in the EU, a much sharper decline than in June, while energy production increased strongly, by 1.6% in the euro area and by 1.5% in the EU, after stagnating in June.

Year-on-year, industrial production in the euro area and the EU dropped in July 2023 by 2.2% and 2.4% respectively, nearly twice as much as in the previous month. The production of durable consumer goods dropped the most in the euro area, by 6.7%, while in the EU energy production dropped the most, by 7.4%.

The production of capital goods was the only to see a mild year-on-year increase in both the euro area and the EU, of 0.4% and 1% respectively.

According to data available to Eurostat, month-on-month, industrial production dropped the most in Denmark, by 9.1%, and grew the most in Sweden, by 5.1%. In Croatia, industrial output in July 2023 dropped by 3.9% from June 2023.

Year-on-year, Bulgaria saw the largest drop in industrial production, of 11.5%, while Denmark saw the largest increase, of 5.7%. In Croatia, according to seasonally adjusted data, in July 2023 industrial production dropped by 0.7% compared to July 2022, after growing by 2.4% in June 2023.