Eurozone industrial production drops sharply in December, exceeding expectations

By Tuba Ongun

ANKARA (AA) — Industrial production in the eurozone fell more sharply than expected in December, according to data released on Thursday.

Output decreased 1.1% month-on-month in the final month of 2024, reversing a 0.4% increase in November, Eurostat data showed. The market had forecast a decline of 0.6%.

In the EU, industrial output dropped 0.8% in December, shifting from the prior month's 0.2% rise.

Among bloc members for which data are available, the largest monthly falls were in Belgium (6.8%), Portugal (4.4%) and Austria (3.3%) while the highest increases were recorded in Ireland (8.2%), Luxembourg (6.7%) and Croatia (6.3%).

On a year-on-year basis, industrial production decreased by 2% the euro area and by 1.7% in the EU.

The annual average industrial production for the year 2024 dipped by 1.7% in the euro area and by 2% in the EU.

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