Source: iStock.com/Tony Tremblay

© iStock.com/Tony Tremblay

According to the Federal Statistical Office[1], output in the goods-producing sector rose by 1.1% in November compared with the preceding month [2]. Output in industry and the construction sector rose by 1.0% and 2.6% respectively, while output in the energy sector fell by 0.8%. Within industry, the output of capital goods rose significantly (+2.4%). The production of consumer goods also increased, rising by 0.5%. In the area of intermediate goods, however, output shrank by 0.5%.

The two-month comparison of October/November versus August/September shows a drop of 0.7% in the goods-producing industries. The construction sector saw growth of 2.1% and energy production expanded by 4.1%. In contrast, industrial output declined by 1.6%, especially due to a fall in output in the automotive industry and in mechanical engineering (-4.3% and -2.5% respectively).

Economic activity in the industrial sector continues to be weak. As the volume of new orders has stabilised and business expectations have brightened, it is likely that industrial activity will pick up some speed in the months to come. Construction activity is trending upwards at a high level, with monthly fluctuations.

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[1] Press release by the Federal Statistical Office of 9 January 2020.
[2] All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).