old gantry in factory

German Industrial Output Falls More Than Expected in December 2022

The German Statistical Office released a report indicating that industrial output in Germany dropped more than anticipated in December 2022, declining by 3.1% from the previous month. The decrease was larger than expected, with economists forecasting a 0.7% decrease for the month.

In 2022 as a whole, Germany’s industrial output decreased by 0.6% compared to 2021 and by 5.0% compared to 2019, prior to the COVID-19 pandemic. Despite the decrease in industrial production in December 2022, the country saw a boost in industrial orders, which rose by 3.2% in December 2022, marking the biggest increase in over a year. The increase was attributed to strong domestic demand and demand from the eurozone.

The data showed that although industrial output in Germany had declined in December, the country was seeing positive signs of recovery in industrial orders. This bodes well for the country’s economy, which has been hit hard by the COVID-19 pandemic.

Leave a Reply

%d bloggers like this: