EU industrial structure - EU Bookshop - Europa

The impacts of the latest recession varied across
manufacturing industries. The different manufacturing
aggregates are compared below with respect to the size
and duration of the latest recession. The mildest effect
was felt in the industries producing non‑durable consumer
goods while industries producing durable consumer goods
were hit much harder. Capital goods and intermediate
Chapter I — The aftermath of the crisis — a long and uneven recovery(?)
FIgURE I.4: EU-27 recessions and recoveries in the last two decades. Percentage deviations from peak
and months of recovery for EU-27 manufacturing production
Percent
5
0
-5
-10
-15
-20
-25
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54
Source: own calculations using Eurostat data.
Months
The nancial crisis
The millenium recession
The 1992-1993 recession
goods suffered most, with production losses of 26 % relative
to the pre‑recession peak levels, while the total consumer
goods and non‑durable consumer goods faired relatively
well with production losses amounting to between 65%
and 7 % at the troughs. Production levels for industries
producing non‑durable consumer goods are close to the
pre‑recession peak cf. Figure I.5. 9
FIgURE I.5: Capital, Durable and Intermediate goods were most heavily hit during the latest recession
Percent
5
0
-5
-10
-15
-20
-25
-30
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40
Source: own calculations using Eurostat data.
Months
Non-durables
Intermediates
Durables
Consumer
Capital
9 In order to facilitate comparison of the duration of the recession
for the different manufacturing aggregates, the peak levels for
all sub-sectors in figure II.3 have been set to the peak level for
capital and intermediate goods which occurred in January 2008.
In reality, the decline for durable consumer goods began in
August 2007 while the peak for non-durable consumer goods
and total consumer goods occurred in October 2007.
19