(Reuters) – German industrial production increased by 2.9% in August month-on-month, driven by an increase in production in the automobile industry, the Federal Statistical Office announced on Tuesday.
Analysts polled by Reuters expected an increase of 0.8%.
The quarterly comparison, less volatile, nevertheless revealed that production over the June-August period was 1.3% lower than over the previous three months.
Production in the automobile industry fluctuates considerably from one month to the next, which has an impact on the monthly development of production as a whole, the statistical office said.
In August, production of motor vehicles, trailers and semi-trailers, increased 19.3% from the previous month, following an 8.2% decline in July, the data showed.
Production in industry, excluding energy and construction, showed an increase of 3.4% month-on-month, after correcting for seasonal variations and calendar effects. Energy production increased by 2.3% and construction production gained 0.3%.
The Statistical Office revised the industrial production figure for July to a fall of 2.9%, compared to a fall of 2.4% previously.
“There are currently no signs of recovery in the industrial sector,” the German Economy Ministry said on Tuesday.
Data showed on Monday that German industrial orders fell much more than expected month-on-month, a sign that manufacturing in Europe’s largest economy will not recover in the coming months.
(Reporting Ozan Ergenay in Gdansk and Maria Martinez in Berlin, Etienne Breban, edited by Augustin Turpin)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
