German industrial output falls faster than expected in December

By Tuba Ongun

Germany's industrial output fell 1.6% month-on-month in December 2023, faster than the market forecast, according to official data released on Wednesday.

The market estimated a softer 0.4% decline in December's figure following an upwardly revised 0.2% decrease in November.

The decrease mainly stemmed from significant declines in chemical and construction industries by 7.6% and 3.4%, respectively, according to the country's statistical authority Destatis.

By contrast, production in the automotive sector rose remarkably by 4% in the same period.

On an annual basis, industrial production dove by 3% in December.

In 2023 as a whole, Germany's industrial production shrank by 1.5% compared to a year earlier with lower energy production (down 15.0%).