Croatia recorded the largest month-on-month fall in industrial production in the European Union in February 2024, according to a Eurostat report published on Monday.

In February 2024, compared to January 2024, seasonally adjusted industrial production increased by 0.8% in the euro area and by 0.7% in the EU, according to the EU statistical office. In January 2024, industrial production fell by 3.0% in the euro area and by 2.7% in the EU.

The recovery reflected the increase in the production of capital goods and durable consumer goods after a sharp decline in January.

Production of capital goods increased by 1.2% in the eurozone and by 1.0% in the EU. In January, compared to December 2023, it had fallen by 15.5% in the euro area and by 13.6% in the EU.

Production of durable consumer goods rose by 1.4% in the euro area and by 1.7% in the EU. In January, it fell by 1.2% in the euro area and by 1.0% in the EU on a monthly basis.

The production of energy fell by around 3% in both areas.

The largest monthly increases were recorded in Ireland (+3.8%), Hungary (+3.5%) and Slovenia (+3.3%). The largest decreases were observed in Croatia (-4.6%), Lithuania (-3.0%) and Belgium (-2.7%).

In February 2024 compared to February 2023, industrial production fell by 6.4% in the euro area and by 5.4% in the EU.