How have higher energy prices affected industrial production and imports?

Francesco Chiacchio, Roberto A. De Santis, Vanessa Gunnella and Laura Lebastard

Economic Bulletin Boxes, 2023, vol. 1

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

Keywords: energy supply shocks; imports; Industrial production (search for similar items in EconPapers)
Date: 2023-02
Note: 2973157
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