EU Industrial Production Stagnates Amidst Volatile Growth
Global disruptions contribute to a nearly flat average growth rate over two decades.
Industrial output across the European Union has seen a modest average annual increase of just 0.6% between 2000 and 2024, reflecting a period marked by significant economic turbulence.
Early 2000s Boom Sours
The initial years of the millennium showcased a more robust performance, with industrial production in the EU expanding at an average rate of 2.0% annually. Many member states experienced considerably higher growth figures during this period.
Financial Crisis and Pandemic Impact
The global financial crisis of 2007-2008 triggered widespread double-digit declines in production, even affecting previously dynamic economies. Following this acute phase, growth resumed between 2010 and 2019, though at roughly half the pre-crisis pace. The COVID-19 pandemic delivered another severe blow in 2020, with industrial production plummeting by 7.4%. The subsequent years, 2021-2024, saw a lesser annual contraction of 0.4%.
Ireland and Poland Lead Growth, Italy and Portugal Lag
At the country level, Ireland recorded the highest average growth rate at 5.6% between 2000 and 2024. Poland followed closely with a 4.9% average increase. Conversely, Italy and Portugal registered the lowest rates, with production declining by an average of 1.1% and 0.9% respectively over the same period.
The source data for these figures can be found in the Eurostat dataset sts_inpr_a.
In contrast to the EU’s industrial performance, the United States saw its industrial production increase by 1.8% annually in the same 2000-2024 timeframe, according to the Federal Reserve (Federal Reserve, 2024).
