Ireland saw the largest annual increase in industrial production of any EU member state in August 2024, reporting a 15.8% increase, new data has shown.
According to the Eurostat data, other countries to report a notable increase in industrial production in the period included Denmark (10.7%), Slovenia (7.2%), Lithuania (5.4%) and Belgium (4.7%).
EU countries to see a decrease in industrial production included Luxembourg, which saw production down 11.7%, Estonia (-6.0%), Hungary (-4.2%), Austria (-3.3%) and Italy (-3.2%).
Industrial production in the EU
On an annual basis, industrial production increased by 0.2% in the European Union and by 0.1% in the euro area.
Within the EU, industrial production decreased by 2.4% for intermediate goods; increased by 2.2% for energy; increased by 0.2% for capital goods; decreased by 3.9% for durable consumer goods; and increased by 3.1% for non-durable consumer goods.
On a month-on-month basis, meanwhile, industrial production increased by 1.8% in the euro area and by 1.3% in the EU in August 2024, compared to July 2024.
Ireland (+4.5%), Germany and Lithuania (both +3.3%) were among the countries to report a month-on-month increase. Read more Eurostat data here.
Analyst viewpoint
Commenting on the findings, Bert Colijn, chief economist with ING in the Netherlands, said that the production boost was “driven by Germany, which saw production increase by 3.3% in August, erasing losses from the 3.3% decline in July. France and the Netherlands also experienced fast growth at 1.4 and 2.2% month-on-month. This mid-quarter growth spurt will be helpful in supporting economic activity in the quarter, which has been under pressure judging from weakening survey data evidence on economic growth.
“Still, expectations about industry remain lacklustre for the rest of the year. The list of concerns for eurozone industry is long at the moment, and ranges from increased competition from China to volatile energy costs, labour shortages and supply chain uncertainties. This means that it’s pretty hard to see the start of a vibrant recovery for the sector at this point.” Read more here.
Annual increase/decrease in industrial production in EU member states, August 2024 (%)
| Country | Percentage Change (%) |
|---|---|
| Ireland | 15.8 |
| Denmark | 10.7 |
| Slovenia | 7.2 |
| Lithuania | 5.4 |
| Belgium | 4.7 |
| Greece | 3.1 |
| Cyprus | 2.7 |
| Finland | 2.7 |
| Latvia | 2.1 |
| Malta | 2.1 |
| Czechia | 1.5 |
| France | 1.1 |
| Netherlands | 0.9 |
| Slovakia | 0.9 |
| Sweden | 0.0 |
| Poland | -0.5 |
| Spain | -1.3 |
| Portugal | -1.9 |
| Croatia | -2.1 |
| Romania | -2.1 |
| Germany | -2.5 |
| Bulgaria | -2.7 |
| Italy | -3.2 |
| Austria | -3.3 |
| Hungary | -4.2 |
| Estonia | -6.0 |
| Luxembourg | -11.7 |
