Expert insight

One year on, Europe’s energy crisis is far from over

February 08, 2023

Shaan Raithatha, CFA

Vanguard Senior Economist

A line shows the price of natural gas, measured in euros per megawatt-hour, from 2017 through January 24, 2023. The price remained well below 50 euros from the beginning of 2017 through mid-2021, after which it shot up to a peak of more than 300 euros in mid-August 2022 before falling back down to less than 60 euros. As of January 25, 2023, it was still roughly 250% above the 2018-2019 average price.
A chart shows the percentage change in manufacturing production in Germany by sector since February 2022. Motor vehicles increased the most, by more than 10 percentage points. Electronics, machinery & equipment, and coke & refining also posted increases. Textiles & clothing was flat while seven sectors posted declines in production. Chemicals declined the most, by close to 19 percentage points. The chart also shows the weighting of each sector in 2020: motor vehicles 20%, electronics 19%, machinery & equipment 12%, metals 12%, food & tobacco 7%, rubber & plastic 7%, chemicals 7%, furniture & other 5%, wood & paper 5%, pharmaceuticals 4%, coke & refining 1%, and textiles & clothing 1%.
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