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Germany's industrial output falls more than expected

Germany's industrial output falls more than expected
Production in industry decreased 3.1% on a monthly basis in December 2022, according to official data

By Tuba Sahin

ANKARA (AA) – Germany’s industrial output declined far more than market estimates in December 2022, according to official data released on Tuesday.

Production in industry fell 3.1% month-on-month in December, following an upwardly revised 0.4% hike in November, German statistical authority Destatis said in a statement.

The market forecast for December was a 0.7% monthly decline.

Production of consumer goods increased 0.3% and remained unchanged for capital goods compared to a month earlier.

Output of intermediate goods, on the other hand, dove 5.8% from November.

Outside industry, energy production slipped 2.3% in December and production in construction tumbled 8.0%.

On an annual basis, Germany’s industrial production shrank 3.9% in December, much more than the market forecast of a 1.6% drop.

In 2022, production fell 0.6% compared to 2021, and was down 5.0% from the pre-pandemic year 2019.​​​​​​​

source: News Feed
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