German industrial production down by 3.8% YoY in Dec 2022: Destatis

An increase of 0.4 per cent (provisional figure: 0.2 per cent) was observed in November 2022 compared with the previous month. In 2022 as a whole, production was calendar-adjusted 0.6 per cent lower than in 2021 and down 5.0 per cent from the pre-crisis year of 2019.

The production index fluctuated in 2022. After falling sharply in March (minus 4.2 per cent in comparison to the previous month), production recovered over the year and is falling again towards the end of the year, as per Destatis.

In December 2022, production in industry excluding energy and construction was down by 2.1 per cent in seasonally and calendar adjusted terms, compared with November 2022. Within industry, the production of consumer goods went up by 0.3 per cent. The production of intermediate goods decreased by 5.8 per cent. The decline in production is widespread across the sub-sectors of intermediate goods. Compared with December 2021, the decrease in calendar adjusted production in industry excluding energy and construction amounted to 2.2 per cent in December 2022.

In contrast to the overall industry, the production in the energy-intensive industrial branches sharply decreased by 6.1 per cent in December 2022 compared with November 2022. With a few exceptions, production in the energy-intensive industries fell continuously throughout 2022 and is therefore calendar adjusted 19.6 per cent lower in the current month than in December 2021.

Fibre2Fashion News Desk (DP)