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.
