Schweißer symbolisiert die Entwicklung der Produktion im produzierenden Gewerbe

© Tremblay

According to the Federal Statistical Office1, production in the goods-producing sector fell by 0.8% in August compared to the previous month2. While output in industry remained almost unchanged (-0.1%), there were declines of 2.1% and 6.1% in construction and energy respectively.

Following setbacks in July, the two major industrial sectors – motor vehicles and parts, and machinery – recorded significant increases of 2.8% and 2.2% respectively in August. However, the energy-intensive sectors of chemical products (-3.1%), glass, glassware and ceramics (-2.8%) as well as coke ovens and mineral oil processing (-4.5%) reported noticeable decreases in their production.

Industrial production stagnated recently, after a weak start into the third quarter. The uncertainty regarding the development of the war in Ukraine remains great and the virtual exhaustion of gas supplies from Russia has dampened activity in industry. The timing of the summer holidays most likely also had an influence on the situation. The outlook for industrial activity in the coming months is gloomy, in view of declining incoming orders and a cooler mood in companies.

1Press release by the Federal Statistical Office of 7 October 2022.

2All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).