Manufacturing output in December over 1 percent higher year on year

Growth in less than half of industrial sectors

Less than half of the various industrial sectors produced more than they did last year. Of the seven largest industrial sectors, output rose the most sharply in the machinery industry, while it fell the most sharply in the chemical industry.

Adjusted output up on November

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 rose by 0.5 percent in December relative to November.

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 more favourable in January

Producer confidence was more favourable in January than the previous month. Producer confidence stood at 0.8, up from -1.1 in December. This was the first time in almost three years that producers were positive. Manufacturers were mainly more positive about the output for the next three months. They were also less negative about their current stocks of finished products and order positions.

Producer confidence in January 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.

Manufacturers in the electronical and machinery industry and in the food industry were more positive, in particular. Manufacturers in ‘other industries’ (such as repair and installation of machinery and furniture) were the most positive (6.0), while manufacturers in the textile, clothing and leather industry were the most negative (-10.4).