Eurozone industrial production increased by 0.2% m/m in May

Seasonally adjusted industrial production in the Eurozone in May 2023 increased by 0.2% compared to the previous month, and in the EU – by 0.1%. This is evidenced by Eurostat data, informs SteelOrbis.

Compared to May 2022, industrial production in the Eurozone decreased by 2.2%, in the EU – by 1.8%

Among the EU member states, the highest monthly increase in industrial production in May was recorded in Slovenia (+7.9%), Croatia (+4.3%), as well as Slovakia and Finland (both countries – +2.5%).

On an annual basis, according to Eurostat, in May 2023 industrial production increased in Malta (12.2%), Denmark (+7.8%), France (+2.9%). At the same time, Ireland (-16.3%), Estonia (-12.8) and Bulgaria (-11%) showed the biggest drop in industrial production compared to May 2022.

Energy production in the Eurozone in May 2023 decreased by 1.1% m/m, in annual terms it decreased by 6.2%. In the European Union, the indicator decreased by 1.8% m/m and by 7.5% y/y.

As GMK Center reported earlier, inflation in the Eurozone in June 2023, according to preliminary Eurostat data, slowed down to 5.5% y/y. Thus, inflation in Europe slowed down for the second month in a row. In May 2023, this indicator was 6.1%, and in April – 7%. Meanwhile, annual core inflation, which excludes energy and food costs, accelerated to 5.4% from 5.3% in May. Energy prices decreased by 5.6% compared to a decrease of 1.8% in May 2023.

Also, in the first quarter of 2023, the GDP of the Eurozone grew by 0.1% q/q. The economy of the European Union in January-March 2023 grew by 0.3% q/q.