Eurozone Industrial Production Continues To Recover From COVID-19 Crises

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Industrial companies in the Eurozone on Wednesday continued to recover from the coronavirus crisis, Eurostat said.

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Production increased by 9.1 per cent in June compared to the previous month.

Production rates began to increase by 12.4 per cent in May, revised upwards from Eurostat’s initial figure of 12.3 per cent, after the outbreak of coronavirus caused a serious slump in EU industrial production in March/April.

A year-on-year comparison showed, however, that the crisis continues to impact production rates.

However, compared to the same month in 2019, industrial production declined by 12.3 per cent. In May it declined by a revised 20.4 per cent, down from the initial figure of 20.9 percent.

The strongest year-on-year slumps were recorded in Portugal, at minus 14.8 per cent, Germany and Spain, which declined by 14.1 per cent, and Italy, at minus 13.7 percent.

Ireland, on the other hand, recorded an increase of 4.5 per cent compared to 2019.

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