According to the report from the Federal Statistical Office (Destatis), in November, industrial production decreased slightly - by 0.2% after an increase of 2.4% in October (revised from +2.8%). Economists had expected a 1% increase. Meanwhile, in annual terms, industrial production fell by 2.4%.
The data also showed that compared to February 2020 (before the outbreak of the pandemic), industrial production decreased by 7%.
Destatis reported that in the sectoral context, the dynamics of industrial production was mixed. Energy production decreased by 4.4% compared to October, and production in the construction sector fell by 0.8%. Excluding energy and construction, production increased by 0.2% compared to October. Meanwhile, production in the intermediate goods sector increased by 0.8%, while the production of consumer goods also increased by 0.8%. However, the production of machinery and equipment fell by 3.6%. A drop was also recorded in the sector of capital goods production (-0.6%). On the other hand, the production of motor vehicles, trailers and semi-trailers increased by 4.1%.