In October, Romania and Slovenia saw the most modest reduction in industrial production in the EU
Industrial production in the EU and the euro area recorded a drop above expectations in October 2022 compared to September 2022, and Romania and Slovenia were the member states where industrial production recorded the smallest month-on-month drop, according to published data. on Wednesday Eurostat.
According to these data, industrial production in October decreased by 2% in the euro area, and by 1.9% in the EU, compared to September. The Member States with the largest decrease in industrial production were Ireland (minus 10.7%), Luxembourg (minus 4.4%) and the Czech Republic (minus 3.7%). The most modest decreases were in Romania (minus 0.4%) and Slovenia (minus 0.3%). The only EU countries where industrial production increased month-on-month were Slovakia (1.3%), Lithuania (1.1%), Greece (0.5%) and Austria (0.2%).
On an annual basis, industrial production in October 2022 was higher by 3.4% in the euro area and by 3.7% in the European Union compared to October 2021. The Member States with the highest industrial production growth rate were Ireland (53.2%) and Denmark (10.7%). The most modest growth was recorded in Romania (0.7%) and Slovenia (0.1%).
The fall in industrial production in the euro area in October was greater than the forecast of analysts interviewed by Reuters, who counted on a contraction of 1.5 percent compared to the previous month.
Data previously published by the National Institute of Statistics show that industrial production in Romania was lower in October 2022 compared to September 2022 by 2.6%, as an unadjusted series. Industrial production, adjusted for working days and seasonality, was lower by 0.4% compared to the previous month. Compared to October 2021, industrial production as an unadjusted series decreased by 0.1%. Industrial production adjusted for the weekday and seasonally adjusted series was up 0.7%.