Manufacturing output in November nearly 1 percent higher year on year

Growth in half of industrial sectors

Half of the various industrial sectors produced more than they did last year. Of the eight largest industrial sectors, output rose the most sharply in the repair and installation of machinery, while it fell the most sharply in the metal products industry.

Adjusted output down on October

A more accurate picture of changes in short-term output is obtained when the figures are adjusted for seasonal effects and the working-day pattern. After adjustment, manufacturing output fell by 0.5 percent in November relative to October.

After adjusting for seasonal and working-day effects, manufacturing output often fluctuates significantly. In the spring of 2020, output declined rapidly, reaching a low point in May 2020. This was followed by an upward trend until May 2022. The trend has reversed since then.

Producer confidence less negative in December

Producer confidence was less negative in December than the previous month. Producer confidence stood at -1.1, up from -1.7 in November. Manufacturers were less negative about their current stocks. Their assessment of the output for the next three months and their current stocks of finished products remained largely unchanged.

Producer confidence in December was above the 20-year average of -1.3. Confidence reached an all-time high (10.4) in October 2021 and an all-time low (-31.5) in April 2020.

Confidence improved in five of eight of the underlying industrial sectors. Manufacturers in the transport equipment industry were the most positive in December (2.3). Manufacturers in the textiles, clothes and leather industry were the most negative (-4.5) of any industrial sector.