Giuseppe Sandro Mela.
«Supply shortages, high energy prices and production stoppages:
a toxic brew that already smells faintly of stagflation»
– -4.0% on the previous month (price, seasonally and calendar adjusted).
– -9.0% below pre-crisis level.
– manufacture of motor vehicles, trailers and semi-trailers dropped by 17.5%
– production in industry excluding energy and construction was down by 4.7%.
– production of capital goods showed a decrease of 7.8%.
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Ricordiamo il precedente Report Manufacturing in August 2021: new orders down 7.7% on the previous month
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Production in industry
August 2021 (provisional):
-4.0% on the previous month (price, seasonally and calendar adjusted)
+1.7% on the same month a year earlier (price and calendar adjusted)
July 2021 (revised):
+1.3% on the previous month (price, seasonally and calendar adjusted)
+6.0% on the same month a year earlier (price and calendar adjusted)
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Wiesbaden – In August 2021, production in industry was down by 4.0% on the previous month on a price, seasonally and calendar adjusted basis according to provisional data of the Federal Statistical Office (Destatis). Compared with August 2020, the increase in calendar adjusted production in industry amounted to 1.7%. Compared with February 2020, the month before restrictions were imposed due to the corona pandemic in Germany, production in August 2021 was 9.0% lower in seasonally and calendar adjusted terms.
In August 2021, production in industry excluding energy and construction was down by 4.7%. Producers continue to report about the production being constrained by a shortage of supply of intermediate products. Within industry, the production of capital goods showed a decrease of 7.8%.
The manufacture of motor vehicles, trailers and semi-trailers dropped by 17.5% in August on July, the manufacture of machinery and equipment was down 6.3% on a month earlier. The production of consumer goods declined by 2.6% and that of intermediate goods by 2.4%.
Outside industry, energy production was up by 4.1% in July 2021 and the production in construction decreased by 3.1%.
In July 2021, the corrected figure on the production in industry showed an increase of 1.3% (provisional: +1.0%) from June 2021.
The rates of change refer to the production index for industry (2015 = 100). Seasonal and calendar adjustment was made using the X-13 JDemetra+ method.
Basic data and long time series on the production index in industry are also available in the table “Index of production in manufacturing” (42153-0001) in the GENESIS-Online database.
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– Output falls 4.0% m/m, steepest drop since April 2020
– Production of cars and car parts down 17.5%
– Economists see strong upturn if bottlenecks clear
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BERLIN, Oct 7 (Reuters) – German industrial output suffered its steepest drop in August since April last year, due to supply chain disruptions that are holding back growth in Europe’s biggest economy and hitting the auto sector particularly hard, official data showed on Thursday.
The Federal Statistics Office said industrial output fell by 4.0% on the month after an increase of 1.3% in July. A Reuters poll had pointed to a decline in August of 0.4%.
“Manufacturers continue to report production constraints due to supply shortages of intermediate products,” the office said in a statement.
Production of cars and car parts fell by 17.5% on the month.
German car companies are struggling to meet a post-pandemic surge in demand since the start of the year, due to a lack of microchips and other intermediate products.
Carmaker BMW said its group deliveries were down 12.2% in the third quarter, hit by the microchip crunch.
On Tuesday, Daimler truck boss Martin Daum said he expected the global chip shortage to continue to affect production next year.
“We will definitely deliver less than we could have sold, and that also applies to next year,” he said, adding that it was impossible to say how big the shortfalls would be.
“It’s a fight for every chip,” he added.
Official data released on Wednesday showed German industrial orders fell more than expected in August on weaker demand from abroad following two months of unusually strong gains due to major contracts.
However, the Munich-based Ifo economic institute said separately that its survey of production expectations rose in September.
“Order books are still full, only materials bottlenecks are causing problems at the moment and dampening production plans somewhat,” Ifo economist Klaus Wohlrabe said.
Thomas Gitzel, economist at VP Bank, said “if the flow of materials gets going again, the conditions are in place for a strong upturn in industrial activity.”
Carsten Brzeski, at ING, said that for now it looked like that upturn would “come rather later than sooner.”
Separately, prices for newly built residential buildings rose by 12.6% on the year in August, their biggest rise since November 1970. German consumer prices rose by rose by 4.1% year-on-year last month.
Jens-Oliver Niklasch, economist at LBBW, commented: “Supply shortages, high energy prices and production stoppages: a toxic brew that already smells faintly of stagflation.”