Industrial production in Germany decreased by 3.4% m/m in March

In March 2023, the volume of industrial production in Germany decreased by 3.4% compared to the previous month. This is reported by Interfax-Ukraine with the reference to the data of the Federal Statistical Office of Germany (Destatis).

Analysts polled by Trading Economics on average expected a decrease of 1.3%.

According to revised data, industrial production in Germany fell by 2.1% in February compared to the previous month.

In March 2023, the production of cars and parts decreased by 6.5%, industrial equipment – by 3.4% m/m. Construction volumes decreased by 4.6% m/m. Output of means of production decreased by 4.4%, intermediate goods – by 3.5%, consumer goods – by 0.1%. Electricity production increased by 0.8%.

The volume of industrial production in Germany in March was 1.8% higher than a year earlier. In the first quarter of 2023, industrial production in Germany increased by 2.5% compared to the previous quarter.

Steel production in Germany in March 2023 decreased by 2.7% compared to the same month of 2022 – to 3.238 million tons. In the first quarter, German seelmakers reduced steel production by 6.6% y/y – to 9.16 million tons.

As GMK Center reported earlier, GDP of Germany in January-March 2023 did not change compared to the previous quarter. Compared to the same period in 2022, the country’s economy decreased by 0.1% adjusted for the number of working days.

As GMK Center reported earlier, in 2022 economy of Germany increased by 1.9% compared to 2021. The German economy performed better than expected. The worst recession expectations were tempered by a modest 0.4% quarter-on-quarter growth in the third quarter of 2022. In 2021, the country’s economy increased by 2.6% y/y.

In 2023, the German economy is expected to grow by 0.2% compared to 2022.