Germany Industrial production March 2022

Germany

Germany: Industrial output dives in March

May 6, 2022

On a seasonally-adjusted monthly basis, industrial production dived 3.9% in March (February: +0.1% mom). The headline drop was the worst print since April 2020, at the beginning of the pandemic. The marked contraction reflected significant drops in the output of capital goods, intermediate goods and consumer goods. Furthermore, energy production nosedived, influenced by changes from wind power. More positively, construction production rose.

Industrial output fell 3.5% year-on-year in working-day adjusted terms in March (February: +3.1% yoy). This is due to supply-chain bottlenecks amid Covid-19 restrictions and the Russian invasion of Ukraine. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 2.3% in March, from February's 4.9% reading.

Panelists polled by FocusEconomics expect industrial production to increase 3.4% in 2022. For 2023, the panel sees industrial production expanding 3.1%.


Author:, Economist

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Germany Industry March 2022 0

Note: Month-on-month changes of seasonally adjusted industrial production and annual growth rate in %.
Source: Federal Statistics Office (Destatis).


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