May 2023 INDUSTRIAL POLICY DOSSIER
Industry Report Industrial production and trade in the individual industries
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We expect manufacturing output in Germany to increase by one percent this year. The order backlog will keep production facilities busy until well into the second half of the year. Supply bottlenecks are also gradually easing up.
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Mixed trends in manufacturing within the European Union: While pharmaceuticals and electronics are doing well, energy-intensive industries are cutting capacities.
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In 2023, we expect German exports to grow two percent overall in real terms. Exports to the United States are set to continue their upward trend. Trade with Asia is also expected to pick up with the Chinese economy continuing to recover. We anticipate global trade to increase by 2.5 percent in 2023 (after 5.5 percent in 2022). Goods exports from advanced economies are expected to grow much slower than those from emerging economies.