Germany’s Industrial Production Reaches Low Point
(MENAFN) Germany experienced a 1.9% decrease in industrial production on a monthly basis in June, hitting its lowest level since May 2020, according to figures issued on Thursday by the country’s national statistics agency, Destatis.
The pace of the decline picked up compared to May’s adjusted 0.1% monthly drop, as reported by Destatis.
This downturn was steeper than analysts’ expectations, which had predicted a more modest 0.4% decline for June.
The slump was chiefly driven by a sharp reduction in the output of machinery and equipment, which tumbled 5.3% month-over-month.
Significant contractions were also observed in the pharmaceutical sector and food production, which shrank by 11% and 6.3%, respectively.
“By contrast, the growth recorded in energy production (+3.1%) had a positive effect,” stated Destatis, highlighting that energy generation offered some offsetting support.
Excluding energy and construction, industrial production dropped by 2.8% in June on a monthly basis.
“Within industry, decreases were reported in all three major groups. The production of consumer goods fell by 5.6%, capital goods production by 3.2% and intermediate goods production by 0.6%. Outside industry, production in construction increased by 0.7%,” Destatis noted.
Compared to the same month a year earlier, industrial output excluding energy and construction declined 4.7%.
Overall, on a year-over-year basis, Germany’s industrial production dropped 3.6% in June.
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