Germany Reports 1.9 Percent Decline in June Industrial Output
(MENAFN) Germany’s industrial production sharply declined by 1.9% month-over-month in June, marking its lowest point since May 2020, according to data released Thursday by the country’s statistical agency, Destatis.
This monthly drop worsened significantly from May’s revised 0.1% decrease, underperforming market expectations, which had forecast a more moderate 0.4% decline for June.
The steep downturn was primarily driven by a 5.3% fall in machinery and equipment manufacturing.
Significant contractions were also reported in the pharmaceutical sector and food industry, which plunged by 11% and 6.3%, respectively.
"By contrast, the growth recorded in energy production (+3.1%) had a positive effect," Destatis noted.
Excluding energy and construction, industrial production in June dropped even further by 2.8% compared to May.
"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%," the report detailed.
On a yearly basis, industrial output excluding energy and construction slid 4.7% compared to June 2024.
Overall, Germany’s industrial production contracted by 3.6% year-over-year in June.
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