Industrial production in Germany decreased by 0.4% m/m in October

Industrial production in Germany in October 2023, taking into account seasonal and calendar factors, decreased by 0.4% compared to the previous month. This is evidenced by preliminary data from the German Federal Statistical Office Destatis.

Compared to October 2022, taking into account calendar factors, production in the German industry decreased by 3.5%. In monthly dynamics, the indicator has been declining for the fifth month in a row.

In August-October 2023, industrial production in Germany decreased by 1.9% compared to May-July.

In October, production in the automotive industry increased by 0.7% m/m, which had a positive impact on the overall figure. In machine building, the figure decreased by 6.3% m/m. Production in industrial sectors over the month (excluding energy and construction) fell by 0.5% m/m. In the energy sector, the indicator increased by 7.1% m/m, while production in the construction sector decreased by 2.2% m/m.

According to final data, in September 2023, industrial production in Germany decreased by 1.3% compared to August and by 1.9%.

In January-October 2023, Germany reduced steel production by 4.1% compared to the same period in 2022, to 30.12 million tons. In September 2023, steel production by German steelmakers fell by 8.8% compared to October 2022 and by 0.9% to 2.88 million tons.

As GMK Center reported earlier, the European Commission has downgraded its economic growth forecast for the eurozone for 2023 and 2024 as inflation is still too high, consumer spending is declining, and Germany, the region’s largest economy, is slipping into recession. Eurozone GDP is expected to grow by 0.8% in 2023 and by 1.3% in 2024. These figures are lower than the May forecasts of 1.1% and 1.6%, respectively.