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German industrial production grew less than forecast in May
07.07.2020, 06:15

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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