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

According to the Federal Statistical Office¹, output in the goods-producing sector fell compared to the previous month for the fourth time in a row (-0.2%).² While industry recorded a slight increase of 0.5%, there were noticeable declines in both construction (-2.4 %) and energy output (-6.6 %).

Economic development varied across the industrial sectors. The important sector of vehicles and vehicle parts recorded a clear increase of 7.6% this time, but this followed on from significant falls in the two preceding months. The two smaller sectors of furniture (+11.5%) and textiles (+6.4%) saw clear increases. In contrast, mechanical engineering reduced its output by 2.3% from the preceding month’s level. The particularly energy-intensive sectors of industry registered overall growth of 0.9%. Here, the manufacture of chemical products expanded (+1.8%), as was also the case with metal production and processing (+1.8%), the manufacture of coke oven products and oil processing (+7.1%).

On the other hand, the production of paper and cardboard dropped by 0.7%.

Industrial output rose slightly in August, but the more meaningful two-month comparison still shows a fall of 1.7%. The recent renewed rise in new orders and the stabilisation of some indicators of sentiment suggest however that industrial output may have bottomed out and should pick up speed again towards the end of the year.

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

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