By Swann Collins, investor and consultant in global affairs. Eurasia Business News – November 12, 2021
In September 2021, the seasonally adjusted industrial production fell by 0.2% in the euro area and by 0.5% in the EU, compared with August 2021, according to estimates from Eurostat, the statistical office of the European Union.
In August 2021, industrial production fell by 1.7% in the euro area and by 1.5% in the EU.
In September 2021 compared with September 2020, industrial production increased by 5.2% in the euro area and
by 5.0% in the EU.
Among Member States for which data are available, the largest monthly decreases were registered in Denmark (-5.0%), Czechia (-3.2%) and Austria (-3.0%). The highest increases were observed in Estonia (+5.3%), Lithuania (+4.3%) and Belgium (+3.7%).
The European Commission slightly increased, on Thursday 11 November, its forecast for GDP growth (gross domestic product) in the euro area for 2021 to 5%, while lowering its forecast for 2022 to 4.3%.
The EU Commission announced that “In the third quarter of 2021, the EU economy returned to its pre-pandemic level of production and moved from a recovery phase to an expansion phase.“
But growing inflation in Europe should lower consumption and investment, driving down productivity. Rents and house prices in the EU have then continued their steady increase in the second quarter of 2021, going up by 1.3 % and 7.3 % respectively, compared to the second quarter of 2020. This inflation of housing prices may reduce households consumption and as a consequence revenue of industrial companies.
In September 2021, industrial producer prices rose by 2.7% in both the euro area and the EU, compared with August 2021, according to estimates from Eurostat, the statistical office of the European Union. In August 2021, prices increased by 1.1% in both the euro area and the EU.
In August, the EU unemployment rate was 6.8%, barely higher than at the end of 2019.
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© Copyright 2021 – Swann Collins, investor and consultant in global affairs.