Germany's industrial output falls more than expected

ANKARA

Germany’s industrial output declined far more than market estimates in December 2022, according to official data released on Tuesday.

Production in the industry fell 3.1% month-on-month in December, following an upwardly revised 0.4% hike in November, German statistical authority Destatis said in a statement.

The market forecast for December was a 0.7% monthly decline.

Production of consumer goods increased by 0.3% and remained unchanged for capital goods compared to a month earlier.

The output of intermediate goods, on the other hand, dove 5.8% from November.

Outside the industry, energy production slipped 2.3% in December, and production in construction tumbled 8.0%.

On an annual basis, Germany’s industrial production shrank 3.9% in December, much more than the market forecast of a 1.6% drop.

In 2022, production fell 0.6% compared to 2021 and was down 5.0% from the pre-pandemic year 2019.​​​​​​​