Industrial production in the Eurozone increased in December

Industrial production in the Eurozone increased by 2.6 percent in December of last year compared to the previous month.

The European Statistical Office released the seasonally adjusted industrial production data for the European Union (EU) and the Eurozone for December.

Accordingly, industrial production in the EU and the Eurozone rose by 2.6 percent in December of last year compared to November, and by 1.2 percent compared to the same period of the previous year.

Market expectations were for Eurozone industrial production to fall by 0.2 percent monthly and 4.1 percent annually. It was noted that the data came in well above expectations.

On the other hand, average industrial production for the whole of 2023 declined by 2.4 percent in the Eurozone and by 2 percent in the EU compared to the previous year.

In December, among EU countries, the largest monthly declines in industrial production occurred in Slovenia with 7.4 percent, Croatia with 4.3 percent, and Finland with 2.7 percent. The highest increases were recorded in Ireland with 23.5 percent, the Netherlands with 6.6 percent, and Denmark with 5.6 percent.

On an annual basis, the largest declines in industrial production were recorded in Slovenia with 10.2 percent, Hungary with 8.7 percent, and Bulgaria with 6.9 percent. The highest increases were identified in Ireland with 44.7 percent, Denmark with 6.7 percent, and Malta with 5 percent.