The indicator has been falling for the seventh consecutive month
Industrial production in Germany in December 2023, taking into account seasonal and calendar factors, decreased by 1.6% compared to the previous month. This is evidenced by preliminary data from the German Federal Statistical Office Destatis .
Compared to December 2022, taking into account calendar factors, German industry production decreased by 3%. In monthly dynamics, the indicator has been falling for the seventh consecutive month.
Overall, in 2023, industrial production in Germany decreased by 1.5% compared to 2022. In October-December, the number decreased by 1.8% compared to July-September.
Production in the industrial sectors in the month (excluding energy and construction) fell 1.5% m/m. In the energy sector, value grew by 4.1% m/m, while production in the construction sector decreased by 3.4% m/m.
According to final data, in November 2023, industrial production in Germany decreased by 0.2% compared to October and by 4.3% year-on-year.
Inflation in Germany in 2023 slowed to +5.9% compared to +6.9% in 2022. Energy prices increased by 5.3% year on year after a significant increase of 29.7% in 2022. At the same time, food prices increased particularly sharply throughout the year. , at 12.4% per year. Underlying inflation was +5.1%, after +3.8% in 2022.
As previously reported by Compraço, Germany reduced steel production by 3.9% in 2023 compared to 2022, to 35.44 million tons. In December, German steelmakers reduced steel production by 2.3% compared to December 2022 and by 2.5% m/m – to 2.63 million tons.
