In April 2020, the COVID-19 containment measures widely introduced by Member States continued to have a significant impact on industrial production. The seasonally adjusted industrial production fell by 17.1% in the euro area and by 17.3% in the EU, compared with March 2020, according to estimates from Eurostat, the statistical office of the European Union. These are the largest monthly falls recorded since the start of the series, significantly higher than the 3% to 4% drops seen in late 2008 and early 2009 during the financial crisis.
In April 2020 compared with April 2019, industrial production decreased by 28.0% in the euro area and by 27.2% in the EU. These are the largest annual falls recorded since the start of the series, exceeding the -21.3% in the euro area and -20.7% in the EU observed in April 2009. Overall, industrial production in the euro area and EU has fallen to levels last seen in the mid-1990s.
Industrial production decreased in all Member States for which data are available, with the largest decreases in Hungary (-30.5%), Romania (-27.7%) and Slovakia (-26.7%).
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NAZALI TAX & LEGAL |