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German industrial output plummets 3.4% in March 2023

10 May '23
2 min read
Pic: Adobe Stock/Serhii
Pic: Adobe Stock/Serhii

Insights

  • German industrial production fell 3.4 per cent MoM in March 2023, following a 2.1 per cent rise in February.
  • Despite this, Q1 2023 production was 2.5 per cent higher than Q4 2022.
  • Significant decreases were seen in machinery manufacturing at -3.4 per cent and in industry excluding energy and construction at -3.3 per cent; energy production rose 0.8 per cent.
German production in industry in real terms was down by 3.4 per cent month-on-month (MoM) on a price, seasonally, and calendar adjusted basis, in March 2023. This decrease follows an increase of production in industry by 2.1 per cent in February 2023, provisional figure—2.0 per cent.

Considering the first quarter (Q1) of 2023, production was 2.5 per cent higher compared with Q4 2022, according to provisional data provided by the Federal Statistical Office (Destatis).

Decreases in the manufacture of machinery and equipment at -3.4 per cent accounted for a large share of the significant decrease in total production.

In March 2023, production in industry excluding energy and construction was down by 3.3 per cent compared with February 2023 in seasonally and calendar adjusted terms. The production of intermediate goods decreased by 3.5 per cent and the production of consumer goods by 0.1 per cent in March 2023 compared with the previous month. Whereas energy production rose by 0.8 per cent compared with the previous month.

Compared with March 2022, calendar adjusted production in industry in March 2023 was 1.8 per cent higher. Calendar adjusted production in industry excluding energy and construction increased by 3.6 per cent compared with March 2022.

In March 2023, production in the energy-intensive industrial branches was down by 3.3 per cent compared to February 2023. Production in energy-intensive industrial branches in March 2023 was 12.9 per cent lower than in March 2022, when the effects of rising energy prices following the war in Ukraine were still relatively low.

Fibre2Fashion News Desk (NB)

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