Industrial production: a disaster in the Euro Zone -6.6% on an annual basis
The EU, and especially the Eurozone, are managing to achieve their decarbonisation goals simply by closing companies and reducing industrial production.
Industrial production in the Euro Area fell by 0.7% month-on-month in October 2023, reaching the lowest level since 2020, following a revised decline of 1.0% in the previous period and exceeding the expected decline of 0 ,3%.
The production of capital goods fell by 1.4%, followed by declines of 0.6% in the production of intermediate and non-durable consumer goods, showing, as if there were any need, that there is a problem of consumption and income. In contrast, energy production increased by 1.1% after two periods of contraction, while production of durable consumer goods increased by 0.2%.
On a year-over-year basis, industrial activity shrank 6.6% in October, exceeding the expected 4.6% decline and extending the current streak of contraction to an eighth consecutive month. A colossal disaster, there's no point in hiding it. Here is the relevant graph:
Here is the industrial production in the euro area year on year
Things are slightly better if we consider not the Euro Area, but the EU as a whole. The decrease is slightly lower.
Only slightly, for goodness sake, but a graph with a perspective from 2015 shows us how industrial production in the Euro Area and in the EU are increasingly following different paths, with the Euro being a factor that evidently favors deindustrialization.
If we then evaluate the data country by country, we have countries such as Ireland, the Netherlands and Estonia where the fall has been more significant. However, few European economic realities are saved from this disaster and none of large dimensions.
In democratic states this situation would lead to a strong concern about the future: until when can an economic reality abandon manufacturing activity without impoverishing itself? The problem is that the EU is no longer made up of democratic states, but of a sort of bureaucratic directorate which, by dint of abstruse objectives and constraints on the economy, governs in a hidden and subtle way, but aimed at the progressive impoverishment of citizens. Many of whom, as if hypnotized, do not understand the consequences of what is happening.
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The article Industrial production: a disaster in the Euro Zone -6.6% on an annual basis comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/produzione-industriale-un-disastro-in-euro-zona-66-su-base-annua/ on Wed, 13 Dec 2023 11:22:07 +0000.