Latest figures issued by Eurostat show that industrial production has increased by 0.8% in the Euro area and by 0.3% in Europe for the month of January. The rise in productivity exceeded expectations. Malta also experienced a rise in industrial productivity earlier this year. However industrial productivity is only rising after having fallen significantly from 2022 due to the Russian invasion of Ukraine.
Industrial productivity is significantly high in Ireland Lithuania and Croatia and is declining significantly in Slovakia, Denmark and Hungary. The increase in industrial productivity in Europe is mostly attributed to non-durable goods (3.1%), followed by intermediate goods (1.6%) and energy (1.2%).
Meanwhile, agricultural prices have trended higher in the last quarter of 2024 as they kept bouncing back from their 2023 correction. Agricultural prices rose significantly in 2022 due to the Russian invasion of Ukraine but rolled back in 2023.
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