Industrial production in the Eurozone remained unchanged in April but declined in May compared to the previous month, according to data released today. The decline was driven primarily by a decrease in durable consumer goods production, while energy production and non-durable consumer goods production saw increases.
Compared to May 2022, industrial production in the Eurozone fell by 2.9%, while in the EU-27 it fell by 2.5%. These figures indicate that while industrial production remained relatively stable in April, it experienced a significant decline in May.
Performance varied across member states. While Ireland, Luxembourg and Estonia saw production increases, Slovenia, Romania and Denmark experienced notable declines.
Year-on-year, industrial production generally declined, particularly in capital goods production. However, energy production and non-durable consumer goods production continued to grow.
These developments suggest a potential economic slowdown in Europe. Nevertheless, the increases in energy production and non-durable consumer goods production highlight that the economy is not completely stagnating.
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