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EU Industrial Production Sees Marginal Growth in November 2024

Date:2025-01-16View:128Tags:Stainless Steel Seamless Pipe,"heavy stainless plate","plate 1.4301"

In November 2024, seasonally adjusted industrial production in the EU rose by 0.1% month-over-month (m/m) compared to October, while the euro area saw a slightly higher increase of 0.2% m/m, according to preliminary data from Eurostat. However, on an annual basis, industrial production declined by 1.7% in the EU and 1.9% in the euro area compared to November 2023.

Country-Specific Trends

Among EU member states, the highest monthly increases in industrial production were recorded in:

  • Belgium (+8.7%)
  • Malta (+7.1%)
  • Lithuania (+4.3%)

Conversely, significant monthly declines occurred in:

  • Ireland (-5.8%)
  • Luxembourg (-3.9%)
  • Portugal (-3.4%)

On an annual basis, notable decreases were observed in:

  • Croatia (-6.6%)
  • Ireland (-5.6%)
  • Austria (-5.0%)

The largest annual gains were seen in:

  • Malta (+13.5%)
  • Belgium (+8.7%)
  • Greece (+4.8%)

Energy Production Overview

Energy production in the euro area rose by 1.1% m/m in November but decreased by 1.3% year-over-year (y/y). In the EU, energy production increased by 1.3% m/m but declined by 0.8% y/y during the same period.

Revised Data for October

For October 2024, revised data show industrial production in the euro area decreased by 1.1% y/y and rose by 0.2% m/m. In the EU, the annual decline was 0.6%, while monthly growth stood at 0.4%.

Inflation and ECB Actions

On December 12, 2024, the European Central Bank (ECB) implemented its fourth interest rate cut of the year, reflecting its efforts to manage inflation. The ECB forecasts average headline inflation rates of:

  • 2.4% in 2024
  • 2.1% in 2025
  • 1.9% in 2026
  • 2.1% in 2027 (coinciding with the implementation of the EU’s expanded emissions trading system)

Inflation in the euro area accelerated to 2.4% y/y in December 2024, up from 2.2% y/y in November, reflecting continued price pressures across the region.

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