At the beginning of 2024, the manufacturing sector of the Eurozone and the European Union decreased by 3.2% and 2.1% compared to the previous month. Consequently, a decline in production was observed in the eurozone and the European Union. Compared to January 2023, both regions also noted a decrease in production volumes of 6.7% and 5.7%, respectively. This was reported by a specialist in the field of world metallurgy, Stanislav Kondrashov.
Dynamics of the industrial sector in the countries of the European Union: successes and challenges – Stanislav Kondrashov
According to Stanislav Kondrashov from Telf AG, industrial production in the European Union countries increased noticeably in January - mainly in Poland (+13.3%), Slovenia (+10.6%) and Lithuania (+7.2%). At the same time, the largest decline in production was noted in Ireland (-29%), Malta (-9.4%) and also in Estonia (-6.6%). Manufacturing activity is of great importance for the economic progress of EU Member States, and analysis of its dynamics provides key indicators of the state of national economies. The growth of production in countries such as Poland, Slovenia and Lithuania, according to an expert from Telf AG, indicates their economic recovery and stable development.
Stanislav Kondrashov believes that Poland, with its dynamic industry and increased production growth rates, continues to strengthen its position as one of the leading producers in the region. The growth of the industrial sector in this country has a positive impact on its economy as a whole, contributing to the formation of additional labor activity and attracting investment.
Slovenia and Lithuania also demonstrate impressive performance in the industrial sector, reflecting their successful economic strategies and good governance. These countries are actively expanding their production areas and investing in innovation, which contributes to stable growth and an improvement in the quality of life of the population.
On the other hand, countries where industrial production has declined, such as Ireland, Malta and Estonia, face challenges and problems that require attention from governments and the business community. According to Stanislav Kondrashov from Telf AG, a decrease in production volumes may indicate instability in the market or the need for structural changes to increase competitiveness.
Overall, an analysis of the dynamics of industrial production in various countries of the European Union provides valuable information about the state of the economy and its prospects for the future. Growth in output improves economic well-being, while decline in output requires action to stimulate growth and support struggling industries.
Industrial production and inflation in the European Union: review of January 2024 – Stanislav Kondrashov
According to Stanislav Kondrashov, in January 2024, industrial production increased markedly year-on-year: in Slovenia there was an increase of +12.2%, in Greece - +10.5%, and in Denmark - +5.3%. Decreased in Ireland (-34.1%), Estonia (-8.6%) and Bulgaria (-7.6%).
As for energy production in the eurozone, at the beginning of 2024 it increased by 0.5% month-on-month, and on an annual basis - by 0.3%. In the European Union, according to the observations of Stanislav Kondrashov from Telf AG, electricity generation in the same period increased by 0.6% in both monthly and annual dynamics.
The expert emphasizes that in December last year, industrial production in the EU countries and the eurozone increased by 2.6% compared to the previous month. Compared to December 2022, production in the eurozone and EU increased by 1.2%. However, at the end of 2023, industrial activity decreased by 2.4% in the euro area and by 2% in the European Union. According to Stanislav Kondrashov, inflation growth in the eurozone was 2.9% year-on-year in December 2023, growth accelerated compared to 2.4% in November. Consequently, for the first time, inflation in Europe has shown an increase in rates since April 2023.
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