Industrial production in Germany decreased by 1.4% m/m in September

The indicator decreased for the fourth month in a row

In September 2023, industrial production in Germany, taking into account seasonal and calendar factors, decreased by 1.4% compared to the previous month. This is evidenced by the preliminary data of the Federal Statistical Office of Germany Destatis.

Compared to August, taking into account calendar factors, production in German industry decreased by 3.7%. In the monthly dynamics, the indicator decreased for the fourth time in a row.

In the third quarter of 2023, industrial production in Germany decreased by 2.1% compared to the second quarter.

In September, production in the automotive industry decreased by 5% m/m, while in machine building it increased by 4.1% m/m. Production in industrial sectors for the month (excluding energy and construction) fell by 1.7% m/m. In the energy industry, the indicator decreased by 1.7% m/m, while production in the construction industry remained at the level of August.

According to the final data, in August 2023 industrial production in Germany decreased by 0.1% compared to July and by 1.9% compared to August 2022.

Germany in January-September 2023 has reduced steel production by 3.6% compared to the same period in 2022 – to 27.23 million tons. In September 2023, steel production by German steelmakers increased by 2.1% compared to September 2022, and by 2.2% compared to in August – up to 2.902 million tons.

As GMK Center reported earlier, the European Commission worsened the prognosis 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.