Wednesday, May 31, 2023

Germany’s industrial production drops unexpectedly in April

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Data from Destatis revealed on Tuesday that Germany’s industrial production output dropped by one per cent on a monthly basis in April, reversing a revised 2.2-per-cent rise in March.

Economists had forecast an increase of 0.5 per cent.

On a yearly basis, the growth in industrial production surged to 26.4 per cent from 4.8 per cent in the previous month.

Compared with February 2020, the month before restrictions were imposed due to the Corona pandemic, production was 5.6 per cent lower seasonally and calendar adjusted terms in April.

Excluding energy and construction production was down by 0.7 per cent.

Within industry, the production of consumer goods dropped 3.3 per cent and that of intermediate goods by 0.2 per cent.

The output of capital goods also fell in April, by 0.1 per cent.

Outside the industry, energy production grew 6.0 per cent, while construction output decreased 4.3 per cent.


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