Upon revision of the data, July 2023's production showed a decrease of 0.6 per cent compared to its preceding month, a slight adjustment from the provisional figure of minus 0.8 per cent.
A closer inspection of the industrial sectors reveals varying trends. Notably, energy production experienced a significant drop of 6.6 per cent in August 2023, adversely impacting the overall industry performance. Conversely, intermediate goods saw a rise in production by 0.5 per cent. However, consumer goods did not fare as well, registering a decline of 1.4 per cent, as per Destatis.
Year-on-year data provides further context, showing a decline in industrial production by 2 per cent in August 2023 compared to the same month in 2022.
Sectors with high energy consumption demonstrated a MoM increase in production by 0.9 per cent from July to August 2023, after accounting for seasonal and calendar effects. Yet, when juxtaposed with August 2022 figures, production in energy-intensive industrial branches was notably down by 8.3 per cent in August 2023.
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