Development of output in the goods producing sector in April 2023

According to the Federal Statistical Office, output in the goods-producing sector rose by 0.3 % in April compared to the previous month, after falling significantly in March (revised upwards from -3.4 % to -2.1 %).2 Output in industry remained almost unchanged in April (+0.1 %), whereas construction saw an increase of 2.0 %. The energy sector reported a decline of 1.5%.

Economic development in the industrial sectors varied. Manufacturers of pharmaceutical products increased their output sharply, by 6.4%. In the two important sectors of motor vehicles/motor vehicle parts and mechanical engineering, however, production fell by 0.8% and 0.5% respectively. Most of the particularly energy-intensive sectors of the economy also reduced their output month-on-month: manufacture of chemicals -1.4%, coking and oil processing -3.2%, glass, glassware and ceramics -2.4%, and paper and cardboard -0.5%. Metal production and processing and metal products saw an increase in output month-on-month (+1.2% and +0.2%, respectively).

In monthly terms, industrial production stabilised in April, following a setback in March after increasing strongly in the previous months. However, the more meaningful two-month comparison still shows a noticeable decline of -1.1%. Given that consumer spending remains restrained, particularly from abroad, and business sentiment has deteriorated somewhat, industrial activity is expected to remain subdued for the time being.

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¹ Press release by the Federal Statistical Office of 7 June 2023.

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