Industrial metalworking process

In January 2024, total market production declined by 0.4% in both the EU and the euro area compared with the previous month. 

The total market production index (TMPI) is a composite indicator that combines four short-term business statistics indicators covering most of the market economy, i.e. production in industry, construction and services as well as the deflated turnover index for distributive trades.

This information comes from data on market production published by Eurostat today.

Compared with the same month of the previous year, total market production fell by 0.6% in the EU and by 0.5% in the euro area. This was related to a decrease in industrial production (-5.7% in the EU) and in trade volume (-1.4%), while construction production remained unchanged and services production grew (+4.1%).

Total market production in the EU and euro area, 2018-2024. Line graph. For more information click dataset below.

Source dataset: sts_tot_prod_m

For more information

Methodological notes

  • The TMPI covers industry, construction, trade and services, i.e. it combines all areas currently covered by short-term statistics (STS) indicators under the European Business Statistics Regulation. In terms of NACE Rev. 2 (statistical classification of economic activities) the coverage of the TMPI includes:
    • Industry: NACE sections B (mining and quarrying), C (manufacturing), D (electricity, gas, steam)
    • Construction: NACE section F
    • Trade: NACE section G, i.e. trade and repair of motor vehicles (G45), wholesale trade (G46) and retail trade (G47)
    • Services: Divisions H (transport), I (accommodation and food services), J (information and communication), L (real estate activities), M (professional and technical services), N (business support services)
  • The evolution of the TMPI and quarterly GDP is quite similar, although there are also differences that become more pronounced with increasing distance from the base year. Apart from the limited coverage of the TMPI, there are several other methodological reasons for the differences, those are also explained in the related Statistics Explained article.

 
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