German industry production declines. Germany’s Federal Statistical Office (Destatis) has released its report on industry production in March 2023.
The data indicates a decline of 3.4% compared to the previous month.
The automotive industry contributed significantly to the decline, with a decrease of 6.5% in the production of motor vehicles and parts.
Other industries that experienced significant drops included machinery and equipment manufacturing, as well as construction.
When energy and construction were excluded, production in energy-intensive industries decreased by 3.3% compared to February 2023. Despite the decrease, production in the first quarter of 2023 increased by 2.5% compared to the previous quarter.
In comparison to March 2022, calendar adjusted production increased by 1.8% in March 2023.