Elsewhere in consumer goods, the indexes for non-energy nondurables and durables rose 0.6 and 0.9 percent, respectively. Similarly, within materials, all market groups posted gains except energy materials, canadian forex brokers the output of which fell 0.2 percent. All other market groups also recorded increases, led by construction supplies and business equipment, the output of which increased 1.9 and 1.7 percent, respectively.
- Mining output climbed 2.2 percent in February after falling 2.9 percent in January.
- An exception is the index for consumer goods, which declined 1.4 percent, driven almost entirely by a utilities-related decrease of 8.6 percent in the index for consumer energy.
- The EU’s industrial production in 2021 recovered and it increased by 8 % compared with 2020.
- It also measures capacity, an estimate of the production levels that could be sustainably maintained; and capacity utilization, the ratio of actual output to capacity.
All rights are reserved, including those for text and data mining, AI training, and similar technologies. The newly available production under sub-contracted operations within the economic territory of the European Union Member States amounts to 4% of the production value and 9% of the production volume. OECD iLibraryis the online library of the Organisation for Economic Cooperation and Development (OECD) featuring its books, papers, podcasts and statistics and is the knowledge base of OECD’s analysis and data. FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Policymakers could read this as a signal that fiscal or monetary stimulus is needed. Investors, meanwhile, could interpret it as a sign of a coming downturn, or—depending on the signals from Washington—as a sign of coming stimulus.
After a stable period, EU production shows a constant annual increase from 2015 until 2018 when comparing to each previous year. The results of 2019 show the consolidation of the growth in production with a value of sold production in the European Union that amounted to €4 945 billion. In 2022, the value of sold production in the European Union amounted to €6 179 billion, an increase of 19 % compared with €5 209 billion in 2021 (current prices). An industry consists of a group of establishments engaged on the same, or similar, kinds of production activity.
Industrial Production (annual variation in %)
This makes industrial production an important tool for forecasting future GDP and economic performance. Industrial production figures are also used by central banks to measure inflation, as high levels of industrial production can lead to uncontrolled levels of consumption and rapid inflation. The industrial production index (IPI) measures levels of production in the manufacturing, mining—including oil and gas field drilling services—and electrical and gas utilities sectors.
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The production surveyed covers only the production actually carried out on the territory of the reporting country. This means that the production of subsidiaries, which takes place outside an enterprise’s territory, is not included in the survey results for that country. As a general principle, when a production process takes as an input a material that does not match the description of the product, and produces as an output something that does, then production of the product should be recorded. If the processing of a product does not change the heading under which it is listed, it should not be recorded, since this would result in double-counting. This means that the link to turnover data is tenuous, since some activities do not result in new products and should not be recorded in Prodcom statistics.
Economic Indicators
This monthly publication presents comparative statistics that provide an overview of recent international economic developments for all the OECD countries, the euro zone and a number of non-member economies. In practice, however, it is difficult to collect value-added data on a monthly basis. Most statistical institutes therefore derive monthly production data from other sources including deflated turnover, physical production data, labour input, intermediate consumption of raw materials and energy etc. The source data is varied, including physical inputs and outputs such as tons of steel; inflation-adjusted sales figures; and, in some cases, hours logged by production workers. The FRB obtains this data from industry associations and government agencies and aggregates them into an index using the Fisher-ideal formula.
It also measures capacity, an estimate of the production levels that could be sustainably maintained; and capacity utilization, the ratio of actual output to capacity. The value of sold production in all other manufacturing activities increased between 14 % and 60 % from 2012 to 2022 (in current prices). Looking into the smaller contributing domains, the manufacture of pharmaceutical products and pharmaceutical preparations had the highest xtb.com reviews increase (60 %) in 2022 compared with the 2012 value of sold production. The outbreak of the COVID-19 pandemic and consequent containment measures widely introduced by Member States had a significant impact on the EU’s industrial production in 2020. The value of sold production in the European Union in 2020 decreased by 7 % compared with 2019. The EU’s industrial production in 2021 recovered and it increased by 8 % compared with 2020.
Most affected by the Covid-19 crisis were capital goods and durable consumer goods, in particular machinery and equipment (-12.5 %) and motor vehicles (-19.5 %). In the main industrial grouping of non-durable consumer goods leather products (-26.1 %) and wearing apparel (-24.6 %) decreased massively. The average value of production sold for one kilogram of fresh bread increased by 10 % between 2012 and 2022 and went down by 4 % compared to 2021.
Industrial production measures the output of the industrial sector, which typically comprises mining, manufacturing, utilities and, in some cases, construction. The industrial production indicator is generally provided as an index in volume terms. Despite the fact that the industrial sector only accounts for a portion of an economy’s total output, it is a leading indicator of Gross Domestic Product (GDP) growth and economic performance due to its sensitivity fxdd review to consumer demand and interest rates. The analysis refers to the top five manufacturing activities presented at division breakdown (first 2-digit level) of the Statistical classification of economic activities in the European Community (NACE). Among the five largest manufacturing activities belong food products; chemicals and chemical products; fabricated metal products; machinary and equipment and motor vehicles, trailers and semi-trailers.
The growth rates for the different industrial sectors for the year 2022 are displayed in Figure 2. Relatively high increases were recorded for the mining of coal and lignite, for pharmaceutical products, for mining support activities but also for computers and electronical equipment. On the other side of the spectrum the production of chemical products declined by 6.1 %, the extraction of crude petroleum and natural gas dropped by 6.0 % and the production of basic metals by 4.2 %. Figure 3 shows the share of the manufacturing activities in the EU’s value of sold production for 2012 and 2022 respectively.
