Industrial Production in the Euro Area Contracts at the Fastest Rate Ever

Industrial Production in the Euro Area continues its free-fall in April, contracting by 27.9% y/y, which is the steepest decline on record. Even in 2009, in the midst of the global financial and economic crisis, the worst decline in the industrial production was by 21.3% y/y, reported in April 2009.

Since March 2019 the Industrial Production Index (IPI) in the single currency block was reporting negative annual changes, as many developed economies were witnessing a slow-down in the GDP growth rates. However, in early 2020, as the COVID-19 pandemic and the harsh measures to contain the outbreak froze economic activity in the Euro Area, the IPI plunged by 13.4% in April.

Further data and analysis on the Euro Area Economy can be found on the CEIC Euro Area Economy in a Snapshot – Q2 2020.