Brussels: Eurozone industrial production experienced a more significant decline than anticipated in December 2024, primarily driven by substantial decreases in the output of capital and intermediate goods, according to data released by the Eurostat Statistical Office on Thursday.
Industrial output decreased by 1.1% in December 2024 compared to November, surpassing the expected decline of 0.6% and reversing the 0.4% increase observed in November. Among the key industrial categories, only non-durable consumer goods and energy production saw improvements, rising by 5.1% and 0.5%, respectively.
The production of capital goods fell by 2.6%, while intermediate goods saw a decline of 1.9%. Durable consumer goods production also decreased by 0.7%. On a year-over-year basis, the decline in industrial production worsened to 2% from 1.8% in November, although economists had predicted a more severe drop of 3.1%.
Data indicated that the average annual industrial production for 2024 fell by 1.7% compared to the previous year. In the European Union (EU), industrial output declined by 0.8% month-on-month, contributing to an annual decrease of 1.7% in December.
The most significant monthly declines were noted in Belgium, Portugal, and Austria, while the largest increases were seen in Ireland, Luxembourg, and Croatia.
