The latest data from Denmark’s Statistical Office has revealed that the turnover in the manufacturing sector declined in Q1 2023. According to the figures, the industrial turnover for January to March 2023 was lower than the previous quarter. The turnover for the period is also lower compared to the same period last year.
The seasonally adjusted data shows that the turnover of BC Mining and quarrying and manufacturing declined from 143.6 (2015=100) in November 2022 to 143.2 in March 2023. Meanwhile, the manufacturing sector’s turnover for January 2023 was recorded at 141.1, which is lower than the 144.9 recorded in December 2022.
Among the manufacturing sub-sectors, capital goods (MIG) experienced a decline in turnover, with a reading of 133.4 in Q1 2023. This represents a decrease from the previous quarter and a decline compared to the same period last year. Capital goods, excluding the manufacturing of ships and other transport equipment, also showed a decline.
On the other hand, intermediate goods (MIG) recorded a marginal increase in turnover, with a reading of 130.5 in Q1 2023. However, durable consumer goods (MIG) turnover data was not available for the period.
The data also shows that several manufacturing sub-sectors recorded a decline in turnover in Q1 2023, including B Mining and quarrying, C30 Manufacturing excluding the manufacture of ships and other transport equipment, and CF Pharmaceuticals. However, some sub-sectors, such as 10003 Manufacture of dairy products, recorded an increase in turnover in the period.
The latest figures indicate that the manufacturing sector is facing challenges in Denmark. The decline in turnover is a cause of concern, and the industry needs to come up with measures to address the issue.