Development of output in the goods-producing sector in February 2022

According to the Federal Statistical Office1, output in the goods-producing sector moved sideways in February compared with the previous month (+0.2%).2 Both industrial output (+0.1%) and construction output (-0.7%) showed weak growth. In contrast, the energy sector saw a significant increase (+4.9%). The particularly high level of electricity generation from wind energy gave a boost to the overall figures for the stormy month of February.

Pharmaceutical production in February increased strongly, up 15.6%. This is likely due to vaccine production having been stepped up again. By contrast, output in the mechanical engineering sector decreased noticeably (-2.1%), and there was also a slowdown in the vehicles and vehicle parts sector (-1.3%).

After seeing growth for four months in a row, the flat development is a setback for the industrial sector which has been suffering from shortages in key upstream goods and raw materials for months. However, the data do not yet reflect virtually any effect of the Russian invasion of Ukraine. Since the war was started, uncertainty about the future development of the economy has increased massively. It can be assumed that the war will initially slow down the recovery of the industrial sector.

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[1] Press release by the Federal Statistical Office of 7 April 2022.
[2] All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).