Industrial Production Decline in EU and Eurozone
In May of this year, industrial production in the European Union decreased by 2.5% compared to May of last year, while in the Eurozone it decreased by 2.9%, according to Eurostat, the EU’s statistical agency, citing preliminary estimates. On a monthly basis, compared to April, industrial production in the EU decreased by 0.8%, and in the Eurozone by 0.6%.
Within the EU, the largest decline on an annual basis was seen in the production of capital goods, which fell by 6.3%. The production of durable goods for broad consumption also dropped by 4.1%, while non-durable goods decreased by 3.3%.
Industrial Production Trends in Europe
The production of intermediate products, or semi-finished goods, has decreased by 3.1%, while the only growth has been noted in energy production, at 1.2%. The largest annual decline in industrial production was recorded in Romania, with a high 6.9% drop, followed closely by Germany with a 6.6% decrease. Bulgaria is next with a significant 6.3% drop in industrial production.
In contrast, strong growth in industrial production was observed in Denmark, Ireland, and our neighbor Greece. The Danes were able to achieve a remarkable increase in their industrial output, as well as the Irish and Greek industries.
Industrial Production Growth in the Balkans
In the Balkans, the industrial production growth varies among countries. For example, Albania has seen a growth of 9.6 percent, while Serbia’s industrial production has increased by 8.7 percent. On the other hand, neighboring Greece has experienced a growth of 6.8 percent in its industrial production sector.
This shows that the Balkan countries are making strides in their industrial sectors, with Albania and Serbia leading the way in terms of growth. This growth is a positive indicator of economic development in the region and bodes well for the future of the Balkan economies.
