Industrial in the European Union fell by 17.3 percent between March and April this year, the sharpest month-on-month drop since records by Eurostat began. By comparison, the largest decreases during the 2008 and 2009 financial crisis were of four percent. The average drop in the euro area in April 2020 was of 17.1 percent.
Malta registered the second-lowest decline at 3.8 percent, after Finland (-2.2%) and ahead of Denmark (-5.1%). The largest decreases were observed in Hungary (-30.5%), Romania (-27.7%), and Slovakia (-26.7%).
Production of durable consumer goods in the EU suffered the biggest fall, down almost 28 percent from March, which had already registered a 16 percent decrease over February. Capital goods declined by 27.3 percent and the lowest drop was recorded in energy production, at 5 five percent.
Compared with the same month last year, industrial production was also at a historic low, crashing by 20.7 percent in the EU and 28.0 percent in the euro area. Production of consumer durable goods was, again, the biggest contributor to the slump in the EU, decreasing by 45.4 percent while capital goods fell by 40.8 percent. Production of non-durable consumer goods and energy went down by 12.5 percent and 12.4 percent, respectively.
Ireland was the only EU member to register a year-on-year increase, rising by 5.5 percent. Malta and Finland scored the lowest fall, with a decrease of 3.1 percent. At the other end of the scale, industrial production in Luxembourg declined by 43.9 percent, while Italy and Slovakia saw a drop of 42.5 percent and 42 percent, respectively.