TOKYO, April 30 (Xinhua) -- Japan's industrial output in fiscal 2023 contracted 2.0 percent from the previous year, weighed down by sluggish demand for production machinery equipment, the government said in a report on Tuesday.

According to the Ministry of Economy, Trade and Industry (METI), in the year ended March, the index of production at factories and mines stood at 102.8 against the 2020 base of 100. The reading marked a decline for the second straight year after a 0.3 percent fall in fiscal 2022.

Demand for production machinery equipment including chip manufacturing devices remained sluggish from last July to December, according to the METI.

Auto production saw a robust recovery due to an easing chip shortage during the fiscal year, but that was not strong enough to make up for the decrease in production machinery equipment, a ministry official said.

In March, industrial output here grew 3.8 percent from the previous month to 101.1, the ministry also said in its preliminary report, recovering from the 0.6 percent decline seen in February.

The index of industrial shipments increased 4.3 percent to 100.0, while inventories rose 1.1 percent to 102.7. Enditem

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