Industrial production in the Eurozone in September 2022 increased by 4.9% y/y

Industrial production in the Eurozone as well as in the EU in September 2022 increased by a seasonally adjusted 0.9% compared to the previous month. Eurostat reports about it.

Compared to September 2021, industrial production in the Eurozone increased by 4.9%, in the EU – by 5.7%.

Among the EU member states for which data are available, the highest monthly growth in industrial production in September 2022 was recorded in Ireland (+11.9%), Belgium (+7.1%), Hungary and the Netherlands (+1.6%). The largest decline in industrial production volumes was observed in Lithuania (-8.2%), Greece (-4.5%) and Estonia (-3.6%).

According to Eurostat, industrial production in Germany increased by 0.8% m/m, in France and Italy it decreased by 0.7% and 1.8% compared to the previous month.

On an annual basis, industrial production in September 2022 increased the most in Ireland (+31.0%), Denmark (+19.0%) and Malta (+14.2%). The largest decrease was observed in Estonia (-7.5%), Latvia (-3.7%) and Slovakia (-1.9%).

Energy production in the Eurozone and the EU in September 2022 decreased by 1.1% and by 2%, respectively, compared to the previous month. Annually, energy production in the Eurozone fell by 3%, in the EU – by 2.8%.

As GMK Center reported earlier, the European Commission lowered forecasts of economic growth of the Eurozone for 2023. According to European officials, the economy is currently contracting and this process will continue in the first quarter of next year. The economic growth forecast for 2022 is 3.2%. For 2023, the European Commission predicts growth of only 0.3%, compared to the previous expectations of 1.4%, published in July.