Schweißer symbolisiert die Entwicklung der Produktion im produzierenden Gewerbe

© Tremblay

According to the Federal Statistical Office,1 output in the goods-producing sector remained at roughly the same level in November as compared to the previous month (+0.2%).2 Whilst industrial output grew slightly by 0.5%, construction sector output declined markedly by 2.2%. The energy sector recovered to some extent (+3.0%) from the sharp fall in the preceding month.

The important area of cars and car parts registered a substantial increase of 5.6%. Mechanical engineering output remained unchanged (0.0%). As regards particularly energy-intensive sectors, the production of chemical products (+3.3%) and coking and mineral oil processing (+5.0%) saw a recovery, whilst the production of paper and cardboard (-2.5%), metal production and metalworking (-2.3%) and manufacturing of glass, glassware and ceramics (-2.5%) again registered declines.

Industrial output stabilised in November after the weak start to the fourth quarter. Business sentiment has brightened, and the gradual decline in shortfalls of materials is expected to further boost industrial activity in the coming months. The outlook for industrial output, however, remains subdued in the first quarter. This is suggested by the current weak development of new orders and the slowdown in the global economy.

1 Press release by the Federal Statistical Office of 9 January 2023.

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