Industrial production in Germany decreased by 0.7% m/m in November

Industrial production in Germany in November 2023, taking into account seasonal and calendar factors, decreased by 0.7% compared to the previous month. This is evidenced by preliminary data from the German Federal Statistical Office Destatis.

Compared to November 2022, taking into account calendar factors, production in the German industry decreased by 4.8%. In monthly dynamics, the indicator has been declining for the sixth month in a row.

In September-November 2023, industrial production in Germany decreased by 1.9% compared to June-August.

Production in industrial sectors for the month (excluding energy and construction) fell by 0.5% m/m. In the energy sector, the figure increased by 3.9% m/m, while production in the construction sector declined by 2.9% m/m.

According to the final data, in October 2023, industrial production in Germany decreased by 0.3% compared to September and by 3.4% yoy.

Germany in November 2023 reduced steel production by 2.4% compared to October last year – to 2.7 million tons. Compared to the previous month, the indicator decreased by 6.2%. In January-November, German steelmakers reduced steel output by 4% compared to the same period in 2022 – to 32.81 million tons.

As GMK Center reported, the European Commission worsened the prognosis of growth in the eurozone economy for 2023 and 2024, as inflation is still too high, consumer spending declines and Germany, the region’s largest economy, slips into recession. It is expected that the GDP of the Eurozone will 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.