Development of output in the goods-producing sector in February 2023

According to the Federal Statistical Office¹, output in the goods-producing sector again rose significantly in February compared to the previous month (+2.0%).² Industrial output increased by 2.4%, while construction grew by 1.5%. The figures for energy and water supply declined (-1.1%).

At the sector level, the important automotive and automotive parts sector saw a particularly strong increase of +7.6%. By contrast, output in the similarly large mechanical engineering sector stagnated (-0,2 %). Nearly all of the particularly energy-intensive sectors reported positive growth: manufacturing of chemical products (+3.2%) grew strongly again, as did coke and mineral oil processing (+6.7%). Output in metal production and processing grew by 1,7%, while paper and cardboard stagnated at +0.1%. Only glass production was down, at 0.8%.

The further increase in the goods-producing sector in February indicates robust industrial activity in the first quarter. According to surveys, the business outlook for companies has recently brightened further. The order situation remains good and supply bottlenecks are gradually easing. The fact that output in energy-intensive industries also expanded noticeably suggests that the worst of the energy crisis is past.
___________________

¹ Press release by the Federal Statistical Office of 6 April 2023.
² All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).