EU’s manufactured goods production falls 1.2% in 2023

ISTANBUL

The EU’s production of manufactured goods decreased by 1.2% in 2023, following two consecutive years of growth, according to data released by the region’s statistical bureau Eurostat on Wednesday.

The highest increase in production value was observed in motor vehicles and other transport equipment, which surged 20% year-on-year to just over $1 trillion in 2023, up from $841 billion.

Additionally, the production value of machinery and equipment manufacturing rose by 8%, while food, beverages, and tobacco manufacturing grew 5% annually in 2023.

In contrast, the largest decline was seen in the manufacturing of chemicals, which fell by 15% to $499.8 billion. The manufacturing of basic metals and fabricated metal products decreased by 8%, and the production of rubber, plastic, and other non-metallic mineral products declined by 6%, Eurostat data showed.