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- German industrial production grew less than forecast in May
German industrial production grew less than forecast in May
According to the report from Federal Statistical Office (Destatis), in May 2020, production in industry was up by 7.8% on the previous month on a price, seasonally and calendar adjusted basis. Economists had expected a 10.0% increase. Compared with May 2019, the decrease in calendar adjusted production in industry amounted to 19.3%.
In May 2020, production in industry excluding energy and construction was up by 10.3%. Within industry, the production of intermediate goods showed a decrease by 0.1%. The production of consumer goods increased by 1.4% and the production of capital goods by 27.6%. Outside industry, energy production was up by 1.7% in May 2020 and the production in construction increased by 0.5%.
The production in the automotive industry increased markedly in May 2020, after a very low level in April 2020. However, it was still by just under 50% lower than in February 2020.
In April 2020, the corrected figure shows the production in industry a decrease of 17.5% from (primary -17.9%) from March 2020.
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