Business News Asia
As the German Federal Statistical Office announced today, German industrial production fell in December. Bottlenecks in the supply chain and declining construction activity are said to be responsible for this, causing Europe’s largest economy to limp to the end of last year.
German industrial production fell by 0.3% in December compared with the previous month, after rising by 0.3% in November.
According to the Federal Statistical Office, industrial production in 2021 increased by 3.0% compared to 2020 but was 5.5% lower than the pre-COVID-19 crisis in 2019.
The German economy grew by 2.8% last year, compared with 7% in France, showing how susceptible Germany is to supply chain bottlenecks. This is slowing down the manufacturing sector, which is the cornerstone of this export-dependent economy.