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Industrial production in Germany sees slight decline in August 2023

10 Oct '23

2 min read

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In August 2023, Germany's industry production declined by 0.2 per cent MoM, with a 1.9 per cent decrease observed from June to August.
Energy production dropped by 6.6 per cent, while energy-intensive branches saw a year-on-year decline of 8.3 per cent in production.
Intermediate goods saw a rise in production by 0.5 per cent in August 2023.

Germany saw a slight dip in industry production in August 2023, according to the recent provisional data from the Federal Statistical Office (Destatis). When adjusted for seasonal and calendar effects, the real-terms (price adjusted) production in industry decreased by 0.2 per cent month-on-month (MoM). This downturn is further emphasised when looking at the less volatile three-month on three-month comparison. Production from June to August 2023 was 1.9 per cent lower than the previous three months.

Upon revision of the data, July 2023's production showed a decrease of 0.6 per cent compared to its preceding month, a slight adjustment from the provisional figure of minus 0.8 per cent.

A closer inspection of the industrial sectors reveals varying trends. Notably, energy production experienced a significant drop of 6.6 per cent in August 2023, adversely impacting the overall industry performance. Conversely, intermediate goods saw a rise in production by 0.5 per cent. However, consumer goods did not fare as well, registering a decline of 1.4 per cent, as per Destatis.

Year-on-year data provides further context, showing a decline in industrial production by 2 per cent in August 2023 compared to the same month in 2022.

Sectors with high energy consumption demonstrated a MoM increase in production by 0.9 per cent from July to August 2023, after accounting for seasonal and calendar effects. Yet, when juxtaposed with August 2022 figures, production in energy-intensive industrial branches was notably down by 8.3 per cent in August 2023.

Fibre2Fashion News Desk (DP)

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