In March 2023, industrial production decreased in the euro area and the EU, while registering the strongest increase in Croatia since the start of 2022, Eurostat data showed on Monday.

Seasonally adjusted industrial production fell by 4.1% in the euro area and by 3.6% in the EU, compared with February 2023. In February 2023, industrial production increased by 1.5% in the euro area and by 1.4% in the EU.

The March 2023 fall in the EU was the largest since the start of the pandemic, while the euro area recorded a larger decrease in July 2022 (-4.5%).

In the euro area in March 2023, compared with February 2023, production of capital goods fell by 15.4%, intermediate goods by 1.8%, energy by 0.9% and non-durable consumer goods by 0.8%, while production of durable consumer goods rose by 2.8%.

In the EU, production of capital goods fell by 12.9%, intermediate goods by 1.6%, non-durable consumer goods by 1.3% and energy by 1%, while production of durable consumer goods rose by 2%.

Among the member states for which data are available, the largest monthly decreases were registered in Ireland (-26.3%), Sweden (-3.9%) and Germany (-3.1%).

In Croatia, industrial output in March 2023 increased by 1.3% on the month, when it increased by 0.7%

The highest increases in March 2023 were observed in Finland (+3%), Slovenia (+2.3%), Czechia and Slovakia (both +1.7%).

In March 2023 compared with March 2022, industrial production decreased by 1.4% in the euro area and by 1.3% in the EU. In February, industrial production increased annually by 2% in the euro area and by 2.1% in the EU.

Stats on industrial output y-o-y

In the euro area in March 2023, compared with March 2022, production of energy fell by 6.1%, intermediate goods by 4.7%, capital goods by 2.1% and durable consumer goods by 0.8%, while production of non-durable consumer goods rose by 6.8%.

In the EU, production of energy fell by 9.1%, intermediate goods by 5.6% and durable consumer goods by 3.1%, while production of capital goods rose by 0.4% and non-durable consumer goods by 7.1%.

Among the member states for which data are available, the largest annual decreases were registered in Ireland (-26.1%), Lithuania (-16.6%) and Estonia (-12.6%).

In Croatia, industrial production in March 2023 dropped by 0.7% on the year, after a 1.6% fall in February.

The highest annual increases were observed in Malta (+12.5%), Denmark (+8.9%) and Spain (+5.6%).