Eurozone industrial output declines in December 2022

By Tuba Sahin

ANKARA (AA) – Industrial production in the euro area dropped on a monthly basis in December 2022, according to data released on Wednesday.

Industrial output in the single-currency zone fell 1.1% month-on-month in December, following an upwardly revised hike of 1.4% in November, Eurostat data showed.

The figure was worse than market estimates of a 0.8% decline for the month.

The production of intermediate goods dipped by 2.8%, durable consumer goods by 1.4%, non-durable consumer goods by 1.0%, and capital goods by 0.4%.

The production of energy, on the other hand, ticked up by 1.3% from a month ago.

In the EU, industrial production also contracted in December, down 0.4% on a monthly basis after November’s 1.2% spike.

Among member states with available data, the largest monthly decreases were in Ireland with minus 8.5%, Luxembourg minus 5.2%, and Lithuania minus 4.0%, according to Eurostat.

The highest monthly hikes were in Denmark with 13.5%, Portugal 4.1%, and Hungary 3.8%.

On an annual basis, industrial output slipped 1.7% in the euro area and 0.4% in the EU.

The annual average industrial production for 2022 was up by 0.9% in the euro area and 1.9% in the 27-member bloc.

The eurozone/euro area, or EA19, represents member states that use the single currency – the euro – while the EU27 includes all member countries of the bloc.