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How have higher energy prices affected industrial production and imports?

Author

Listed:
  • Chiacchio, Francesco
  • De Santis, Roberto A.
  • Gunnella, Vanessa
  • Lebastard, Laura

Abstract

The box investigates the role of energy prices in the dynamics of euro area industrial production and goods import volumes since autumn 2021, when gas supplies from Russia to the European Union (EU) were curtailed significantly. Despite the sharp rise in energy prices and the uncertainty generated by Russia’s invasion of Ukraine, euro area industrial production has fluctuated without exhibiting a clear trend, while import volumes of goods excluding energy have risen steadily. Several factors, such as adverse energy supply shocks in combination with the easing of supply bottlenecks and a recovery in demand, are behind these developments. There are signs that cheaper imports, particularly of intermediate goods, have acted as substitutes for domestic manufacturing production in more energy-intensive sectors. JEL Classification: E31, E21

Suggested Citation

  • Chiacchio, Francesco & De Santis, Roberto A. & Gunnella, Vanessa & Lebastard, Laura, 2023. "How have higher energy prices affected industrial production and imports?," Economic Bulletin Boxes, European Central Bank, vol. 1.
    • Handle: RePEc:ecb:ecbbox:2023:0001:2
    Note: 2973157
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    File URL: https://www.ecb.europa.eu//press/economic-bulletin/focus/2023/html/ecb.ebbox202301_02~8d6f1214ae.en.html
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    Citations

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    Cited by:

    1. Marco Fruzzetti & Tiziano Ropele, 2024. "Nowcasting Italian industrial production: the predictive role of lubricant oils," Questioni di Economia e Finanza (Occasional Papers) 866, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    energy supply shocks; imports; Industrial production;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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