In the EU, turnover in industry decreased by 9.7 %, in the euro area even by 10.5 %. The 2020 data are clearly influenced by the Covid-19 pandemic. In the following years, rates of change were generally rather low or even negative, only in 20 did almost all Member States regain positive growth levels which generally continued in 2019 albeit at a lower level. In 2009, industrial turnover dropped in all EU Member States. Particularly high average growth rates were experienced in Belgium, Bulgaria, Romania, Croatia, Slovakia, and the Baltic countries. During the growth phase between 20, all EU Member States (with the exception of Malta) continued their industrial expansion, which had already started some years before. Table 1 shows the annual rates of change of industrial turnover (mining and quarrying and manufacturing) in the European Union, the euro area, the EU Member States and some other countries for which data are available (calendar adjusted data).

In recent months, industrial turnover continued its dynamic development – mainly as a result of increasing prices. In the first months of 2021, turnover in industry regained the pre-crisis level of February 2020. The following months from May to July saw a rapid recovery. In February 2020, the Covid-19 crisis set in and industrial turnover fell by more than one third in just two months. Only after 2015 did industrial turnover increase again on all markets and surpass the level before the financial crisis. Between mid-20 turnover values in total industry more or less stagnated the non-domestic market showed some decline which was compensated by a small increase in domestic markets. Between April 2009 and July 2011, a steady increase brought turnover values almost back to the pre-crisis level. Within a period of just over one year the index for European industrial turnover fell back to the level of 2005. Industrial turnover in the EU increased steadily until spring 2008 when a rapid decline set in (see Figure 1). Source: Eurostat (sts_intv_m), (sts_intvd_m), (sts_intvnd_m)

Figure 1: EU, Monthly index of turnover in industry, total, domestic and non-domestic, 2005 - 2022, seasonally adjusted data (2015=100)

Average monthly turnover meaning