Luxembourg industrial production rose by 6.7% in December
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According to Eurostat data, in December 2024 industrial production in the eurozone fell by 1.1% and in the EU by 0.8% compared to November. In annual terms, the decline amounted to 2% in the eurozone and 1.7% in the EU, reflecting a slowdown in economic activity amid weak demand and high borrowing costs.
Austria, where industry shrank by 9.5%, as well as Italy (-7.1%) and Hungary (-6.4%) were the hardest hit by the decline. Among Europe's largest economies, Germany showed a decline of 4 per cent and France a decline of 1.3 per cent. The biggest losses were recorded in capital goods production, where output fell by 2.6%, and in the intermediate goods sector (-1.9%). The only sector that showed growth was the production of short-term goods, which increased by 5.1%.
Despite the general downturn in industry, Luxembourg was among the countries that showed growth. The country's output increased by 6.7%, putting it on a par with Ireland (+8.2%) and Croatia (+6.3%), the leaders among EU countries in terms of growth dynamics.
At the end of 2024, industrial production in the euro area is down 1.7 per cent and in the EU by 2 per cent compared to 2023. This confirms that the sector remains under pressure and recovery in the coming months will depend on economic policy, the level of consumer demand and investment in manufacturing.
