Since mid-2003 industrial output in the EU has been growing in a relatively stable way. This growth ended with the onset of the crisis in May 2008 when the month-on-month rate of change for the EU industrial production index turned negative (see Figure 17). The pre-crisis peak of April 2008 was followed by steep decline (-22%) and marked by the trough recorded in April 2009 when industrial output was the lowest since September 1997. This abrupt fall lasted one year, and rebounded only in May 2009. At this early stage in the crisis, more developed financial markets in the euro area helped to some extent to mitigate the impact of the crisis on growth in industrial sectors dependent on external finance. However, this effect weakened in later stages of the crisis, particularly on well-developed markets for bank loans.
EU industrial production for total industry and the main industrial groupings
Since mid-2003 industrial output in the EU has been growing in a relatively stable way. This growth ended with the…
We write about
Disclaimer and Copyright statement
The content of all documents (and articles) contained in this blog is the sole responsibility of the author and any opinions expressed therein do not necessarily represent the official position of the European Parliament. It is addressed to the Members and staff of the EP for their parliamentary work. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy.
For a comprehensive description of our cookie and data protection policies, please visit Terms and Conditions page.
Copyright © European Union, 2014-2022. All rights reserved.
Be the first to write a comment.