Euro area and EU industrial production drops. Eurostat, the statistical office of the European Union, has released estimates showing a decline in industrial production for the month of December 2022.
According to the data, the seasonally adjusted industrial production fell by 1.1% in the euro area and by 0.4% in the EU, compared with November 2022.
This is in stark contrast to the previous month, where industrial production had increased by 1.4% in the euro area and by 1.2% in the EU.
However, the data also indicates a year-on-year decline in industrial production, with December 2022 recording a decrease of 1.7% in the euro area and by 0.4% in the EU, compared with December 2021.
As many markets such as ABS, PC, and PS experienced the lowest demand in years in December, the decline in industrial production is not surprising for the polymer industry.