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.

Today, Eurostat published data on market production, which is where this information comes from. 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%).