Issue link: https://maltatoday.uberflip.com/i/1515985
11 NEWS 15.2.2024 GDP stable and employment up by 0.3% in the euro area Industrial production up by 2.6% in both the euro area and the EU In the fourth quarter of 2023, seasonally adjusted GDP remained stable in the euro area and increased by 0.1% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the sta- tistical office of the European Union. In the third quarter of 2023, GDP had declined by 0.1% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.3% in the EU in the fourth quarter of 2023, after 0.0% in both zones in the previous quarter. According to a first estimation of annual growth for 2023, based on quarterly seasonally and calendar adjusted data, GDP increased by 0.5% in both the euro area and the EU. During the fourth quarter of 2023, GDP in the United States increased by 0.8% compared to the previous quarter (after +1.2% in the third quarter of 2023). Compared with the same quarter of the previous year, GDP increased by 3.1% (after +2.9% in the previous quarter). Employment growth in the euro area and EU e number of employed persons increased by 0.3% in both the euro area and the EU in the fourth quarter of 2023, compared with the previous quarter. In the third quarter of 2023, employment had increased by 0.2% in both zones. Compared with the same quarter of the previous year, employment increased by 1.3% in the euro area and by 1.2% in the EU in the fourth quarter of 2023, after +1.3% in the euro area and +1.2% in the EU in the third quarter of 2023. According to a first estimation of annual growth for 2023, based on quarterly data, employment increased by 1.4% in the euro area and by 1.3% in the EU. ese data provide a picture of labour input consistent with the output and income measures of national accounts. IN December 2023, the season- ally adjusted industrial produc- tion increased by 2.6% in both the euro area and the EU, com- pared with November 2023, according to estimates from Eu- rostat, the statistical office of the European Union. In November 2023, industrial production in- creased by 0.4% in the euro area and by 0.5% in the EU. In December 2023 compared with December 2022, industrial production increased by 1.2% in both the euro area and the EU. e annual average industrial production for the year 2023, compared with 2022, decreased by 2.4% in the euro area and by 2.0% in the EU. Monthly comparison Industrial production in the euro area in December 2023, compared with November 2023, grew by 20.5% for capital goods, by 0.5% for durable consumer goods, by 0.3% for energy and by 0.2% for non durable consumer goods, while production fell by 1.2% for intermediate goods. In the EU, industrial produc- tion grew by 18.0% for capital goods, by 0.6% for non durable consumer goods and by 0.4% for both energy and durable con- sumer goods, while production fell by 0.7% for intermediate goods. Among Member States for which data are available, the highest monthly increases were registered in Ireland (+23.5%), the Netherlands (+6.6%) and Denmark (+5.6%). e largest decreases were observed in Slo- venia (-7.4%), Croatia (-4.3%) and Finland (-2.7%). Annual comparison Industrial production in the euro area in December 2023, compared with De- cember 2022, grew by 9.4% for capital goods, while pro- duction fell by 1.7% for ener- gy, by 3.6% for intermediate goods, by 3.7% for non dura- ble consumer goods and by 5.4% for durable consumer goods. In the EU, industrial pro- duction grew by 8.6% for capital goods, while produc- tion fell by 1.3% for ener- gy, by 1.7% for non durable consumer goods, by 4.0% for intermediate goods and by 6.4% for durable consumer goods. Among Member States for which data are available, the highest annual increas- es were registered in Ireland (+44.7%), Denmark (+6.7%) and Malta (+5.0%). The larg- est decreases were observed in Slovenia ( 10.2%), Hungary (-8.7%) and Bulgaria (-6.9%).