EU industrial production down in June 2018 versus May 2018
EU industrial production was down in June 2018 compared to May 2018, Eurostat informed. Eurostat is the European Union’s (EU’s) statistical office. The euro area and EU28 posted industrial production declines of -0.7% and -0.4% respectively.
EU industrial production in May 2018 had grown compared to the previous month. The euro area and EU28, in May 2018, had registered expansions of 1.4% and 1.3% respectively.
In June this year, EU industrial production expanded compared to June 2017. In the euro area, it grew by 2.5%, while in the EU28 it expanded by 2.6%.
EU industrial production – monthly comparison
Euro area (EA19)
The euro area’s -0.7% industrial production decline in June 2018 vs. May 2018 was due to:
– Capital goods production declining by -2.9%.
– Consumer goods production declining by -0.6%.
– An intermediate goods production decline of -0.5%.
– A durable consumer goods production decline of -0.4%.
Energy production, on the other hand, grew by 0.5%.
The EU28’s -0.4% industrial production decline in June 2018 vs. May 2018 was due to:
– Capital goods production declining by -2.0%.
– An intermediate goods production decline of -0.3%.
– A durable consumer goods production decline of -0.2%.
– Non-durable consumer goods production declining by -0.1%.
Energy production in EU28 also expanded by 0.5%.
Among the EU member states for which there is available data, the largest industrial production declines were in:
– Ireland -8.9%.
– The Netherlands -1.3%.
– Hungary -1.2%.
The following countries registered the greatest increases in EU industrial production:
– Croatia +4.5%.
– Romania +1.7%.
– Czech Republic +1.5%.
– Finland +1.5%.
EU Industrial production – June 2018 vs. June 2017
Below is a list of countries and their GDP growth or decline in June 2018 vs. June 2017:
– Ireland +7.7%.
– Romania +7.0%.
– The Czech Republic +6.9%.
– Poland -6.7%.
– Denmark 1.2%.
– Portugal -1.0%.
– The Netherlands -0.2%.
Euro area (EA19) vs. EU28
The euro area consists of European Union member states that abandoned their currencies and adopted the euro.
Germany, for example, abandoned the German mark and adopted the euro as its currency. Therefore, Germany is an EA19 member.
The EU28 means all the European Member states, including those that decided not to adopt the euro as their currency.
The United Kingdom, for example, continues using the pound sterling as its national currency. Therefore, the UK is part of the EU28 but not the EA19 or euro area.
When Eurostat publishes EU industrial production figures, it provides data on both the euro area and EU28.
Eurostat also published EU GDP figures today. GDP across the EU grew by 0.4% in the second quarter of 2018.