Car industry remains economic engine in Saxony

The automotive industry remains the economic engine in Saxony. Last year, turnover in the sector rose by 12.3 percent in real terms to a good 24 billion euros, as the State Statistical Office announced in its economic report for 2023 on Tuesday. This means that around one in three euros in Saxony's industry was generated from the manufacture of cars and car parts.

In total, industrial turnover in Saxony increased by 1.3 percent to 78 billion euros in real terms compared to 2022. In addition to the automotive industry, mechanical engineering also contributed to growth with a price-adjusted increase of 2.9 percent. In metal production and processing, however, revenue fell by 6.8% in price-adjusted terms.

According to statisticians, the past year was subdued for the retail sector: Retail sales fell by 4.1 percent on a price-adjusted basis and wholesale sales fell by 3.5 percent. The car trade, on the other hand, grew by 2.1 percent. In the gastronomy sector, the increase was 4.9 percent. The statisticians did not provide absolute figures.

In the main construction sector, the state office recorded a nominal increase in turnover of 0.9 percent to around seven billion euros. The statisticians did not disclose how much of this was due to generally higher prices. The number of building permits slumped by around 30 percent.