Industrial production stabilised in the euro area and the EU at the start of the year, while its growth in Croatia was slightly above the euro area monthly average, according to figures released by Eurostat on Wednesday.

In January 2023, the seasonally adjusted industrial production increased by 0.7% in the euro area and by 0.3% in the EU, compared with December 2022, the European Union’s statistical office estimated.

In December 2022, industrial production decreased by 1.3% in the euro area and by 0.6% in the EU.

Monthly comparison

The stabilisation reflected the rise in the production of intermediate goods, of 1.5% in the euro area and 1.1% in the EU compared with December 2022.

All other sectors recorded decreases. The sharpest decreases were recorded in the production of non-durable consumer goods, of 2.1% in the euro area and 3.2% in the EU. Energy production fell by 0.8% in the euro area and remained stable in the EU.

The highest monthly increases in industrial production were registered in Ireland (+9.3%), Sweden (+5.0%) and Romania (+2.0%), while the largest decreases were observed in Denmark (-7.1%), Hungary (-5.0%) and the Netherlands (-4.3%).

In Croatia, industrial production rose by 0.9% compared with December 2022, when it had grown by 0.1%. The same increase was reported by Greece.

Annual comparison

In January 2023 compared with January 2022, industrial production increased by 0.9% in the euro area and by 1.0% in the EU.

The production of capital goods increased the most, by 8.2% in the euro area and by 8.3% in the EU. The production of non-durable consumer goods rose by 3.2% in the euro area and by 4.7% in the EU.

On the other hand, energy production decreased by 7.6% in the euro area and by 7.1% in the EU.

The highest annual increases were registered in Ireland (+19.5%), Denmark (+14.2%) and Malta (+12.4%), while the largest decreases were observed in Lithuania (-12.0%), Latvia (-9.8%) and Slovakia (-8.6%).

In Croatia, industrial production fell by 2.9% year on year, following a decline of 2.3% in December 2022. France was close with a annual decrease in industrial production of 2.5%.