BERLIN (dpa-AFX) - Germany's industrial production logged its biggest fall in nearly a year in June, data from Destatis revealed on Thursday.
Industrial output decreased 1.9 percent on a monthly basis in June, worse than the economists' forecast of 0.4 percent drop. This was the biggest fall since July 2024.
Production for May was revised down from the initially estimated 1.2 percent increase to a fall of 0.1 percent. The unusually high revision was due to data corrections reported by some establishments in the automotive industry, the statistical office said.
Destatis said industrial production reached the lowest level since May 2020, when it decreased dramatically due to the Covid-19 pandemic.
On a yearly basis, the decline in industrial production deepened to 3.6 percent from 0.2 percent in the previous month.
Excluding energy and construction, industrial production fell 2.8 percent from the previous month and by 4.7 percent from the previous year.
Within industry, all three major groups reported decreases in June. The production of consumer goods fell 5.6 percent and that of capital goods production slid 3.2 percent. Intermediate goods production was down 0.6 percent.
ING economist Carsten Brzeski said the path for the German economy and industry will be particularly affected by trade, the exchange rate, and fiscal stimulus. German industry remains stuck in a very long bottoming out, the economist added.
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