Despite its name the industrial production index is not intended to measure production but should – in theory – reflect the development of value added in the different branches of industry.
In 2014 the EU returned to a positive growth which continued in 2015, 2016, 2017, and 2018. In practice, however, it is difficult to collect value-added data on a monthly basis.
After two years of recovery the EU-28 as a whole in 2012 again displayed a negative industrial development.
Capital goods output shrank 3.6 percent (vs -1.7 percent in January) and energy production slumped 2.2 percent (vs -6.9 percent in January).
The production level reached its highest value in April 2008 and afterwards fell continuously for one year until April 2009 when it was 21 percentage points below its former peak. Industrial Production YoY Among the bloc's largest economies, there was a contraction in Germany, Italy and France, while Spain's output was little changed. WDA TEForecast
Overall, the production volume in the European energy production has been on a relatively stable downward trend for several years and in Summer 2019 stood only at about 80 % of the level in Spring 2008. In 2010 all EU countries with the exception of Greece, Croatia, and Cyprus had returned to positive growth rates. Capital goods output led the falls (-6.7 percent), followed by intermediate goods (-5.5 percent), energy (-2.3 percent) and durable consumer goods (-1.4 percent).
On a monthly basis, industrial output increased a record 12.4 percent in May, recovering from a 18.2 percent fall in the previous month but below market forecasts of a 15 percent gain.The Eurozone industrial production fell 12.9 percent from a year earlier in March 2020, the steepest decline since August 2009 and compared to market expectations of a 12.4 percent contraction, as the COVID-19 pandemic hit businesses and activity.
The latest figure matched the December 2018 drop, which was the biggest since November 2009.
The development of non-durable consumer goods was less dramatic than in the other main industrial groupings. Industrial production in the Euro Area dropped 20.9 percent from a year earlier in May 2020, following an upwardly revised record 28.7 plunge in the previous month and compared with market expectations of a 20 percent slump.
This means that the inputs obtained by one branch from another must be deducted from its gross output. The economic crisis did not start in all Member States at exactly the same moment (Table 2).
This downwards trend for the EU-28 continued for the following year. But production levels in the energy sector tend to be rather volatile and the drop in production during the main years of the crisis was not so much different from e.g.
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Since mid-2003 total industrial output had been on a relatively steady growth path.
Since early 2013 the index value slightly but steadily increased and almost regained its pre-crisis level by the end of 2017. After two years of recovery the EU-28 as a whole in 2012 again displayed a negative industrial development.
For energy products the development of the output level was quite different from the evolution of the other areas.
The winners among EU countries in industrial production were Latvia with a 9.6% rise, Estonia 9.6% and Slovenia 7.8% with the largest drops recorded in Luxembourg -3.3% and Slovakia -3.2%.
Also, intermediate goods output continued to fall (-0.8 percent vs -1.5 percent).Industrial production in the Euro Area plunged 4.1 percent from a year earlier in December 2019, following a revised 1.7 percent contraction in the previous month and compared to market forecasts of a 2.3 percent decline.