- Significant reduction observed in industrial production within NRW's sector
In the initial part of the year, North Rhine-Westphalia's industrial sector experienced a notable decrease in output. As per IT.NRW, the region's statistical body, manufacturing firms generated goods worth 161 billion euros. This represented a decrease of 6.7% compared to the first half of 2023.
Experts attributed this drop to geopolitical issues. They noticed significant fluctuations in the producer prices of industrial goods and export prices. The decrease was most noticeable in the machinery (-8%), metals (-11.4%), and metal products (-8.8%) sectors. The chemical products sector, the most valuable in North Rhine-Westphalia, saw a lower decline of 1.5%.
Despite the industrial sector's decline in North Rhine-Westphalia, the region remained a significant contributor to Germany's economy, generating over 161 billion euros worth of goods in the first half of 2023. Regardless of the challenges faced, the chemical products sector in North Rhine-Westphalia continued to show resilience, experiencing a lower decrease compared to other sectors.
