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- Germany’s industrial production increases slightly more than anticipated in July
Germany’s industrial production increases slightly more than anticipated in July
The
Federal Statistical Office (Destatis) reported on Tuesday that Germany’s
industrial production rose 1.0 percent m-o-m in July after a revised 1.0
percent m-o-m decrease in the prior month (primary a decline of 1.3 percent
m-o-m).
Economists
had forecast a 0.9 percent m-o-m rise in July.
Compared
with February 2020, the month before COVID-19 restrictions were imposed in
Germany, production was 5.5 percent lower.
According
to the report, the major contributors to the July increase were gains in
production of capital goods (+3.2 percent m-o-m) and consumer goods (+0.6
percent m-o-m) as well as construction output (+1.1 percent m-o-m). At the same
time, production of intermediate goods (-0.5 percent m-o-m) and energy (-3.2
percent m-o-m) recorded declines.
Excluding
energy and construction, production in the industry was up 1.3 percent m-o-m in
July.
In
y-o-y terms, industrial production rose 5.7 percent in July.
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