FOREX TradingCharts.com

Financial News: German Industrial Output Logs Worse Than Expected Fall

German Industrial Output Logs Worse Than Expected Fall

02/07/2024 - 08:24:00 (RTTNews)

(RTTNews) - Germany's industrial production continued to decline and posted a worse-than-expected fall in December highlighting the fragile nature of the economy.

Data from Destatis showed that industrial output dropped 1.6 percent month-on-month, bigger than the revised 0.2 percent fall in November and also worse than economists' forecast of 0.4 percent decrease.

There were sharp contractions in the chemical industry and in construction. By contrast, the auto sector recorded a notable growth. The production of intermediate goods slid 5.2 percent and that of consumer goods by 0.9 percent. Meanwhile, capital goods production rose 1.3 percent, data showed.

Excluding energy and construction, industrial production decreased 1.5 percent from November. Energy output surged 4.1 percent, while construction shrank 3.4 percent.

On a yearly basis, the decline in industrial production softened to 3.0 percent from 4.3 percent in November.

In 2023, industrial production decreased 1.5 percent from the previous year. The biggest decreases were reported in energy-intensive industrial branches and in energy output.

High energy costs and weak domestic and external demand will cause production to fall further this year, Capital Economics economist Franziska Palmas said.

This is one of the reasons why the economy is forecast to stagnate this year, Palmas added.

ING economist Carsten Brzeski said the German industry remains stuck between cyclical and structural weakness.

However the recent increase in industrial orders brought at least some vague light at the end of what increasingly looks like a very long tunnel, the economist said.

Data released on Tuesday showed an unexpected growth in industrial orders in December driven by aircraft purchases. Orders advanced 8.9 percent from the previous month.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


German Ifo Business Morale Rises Slightly (06 hr(s), 24 min(s), 24 sec(s) ago)
(RTTNews) - Sentiment among German companies rose moderately in February due to less pessimism reg ...Full Story»

Poland Jobless Rate Rises To 5.4%, Highest In 10 Months (07 hr(s), 21 min(s), 24 sec(s) ago)
(RTTNews) - The unemployment rate in Poland increased further in January to the highest level in n ...Full Story»

German Economy Shrinks On Weak Investment (08 hr(s), 08 min(s), 24 sec(s) ago)
(RTTNews) - The German economy contracted at the end of the year on weaker investment, revised dat ...Full Story»

German Business Confidence Improves Slightly - Ifo (08 hr(s), 25 min(s), 24 sec(s) ago)
(RTTNews) - Business confidence in Germany strengthened modestly in February due to less pessimism ...Full Story»

Hungary Jobless Rate Rises To 4.6% (08 hr(s), 51 min(s), 24 sec(s) ago)
(RTTNews) - Hungary's unemployment rate increased somewhat during the November-January period, ...Full Story»

Czech Economic Confidence Weakens To 8-Month Low (09 hr(s), 49 min(s), 24 sec(s) ago)
(RTTNews) - The Czech economic confidence index declined for the second straight month in February ...Full Story»

Malaysia Inflation Steady At 1.5% (10 hr(s), 18 min(s), 24 sec(s) ago)
(RTTNews) - Malaysia's consumer price inflation remained stable for the second straight month ...Full Story»

German GDP Contracts As Estimated In Q4 (10 hr(s), 46 min(s), 24 sec(s) ago)
(RTTNews) - The German economy contracted as estimated in the fourth quarter on weaker investment, ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

German Ifo Business Morale Rises Slightly

02/23/2024 - 06:48 AM (RTTNews)
(RTTNews) - Sentiment among German companies rose moderately in February due to less pessimism reg ...Full Story>>

Poland Jobless Rate Rises To 5.4%, Highest In 10 Months

02/23/2024 - 05:51 AM (RTTNews)
(RTTNews) - The unemployment rate in Poland increased further in January to the highest level in n ...Full Story>>

German Economy Shrinks On Weak Investment

02/23/2024 - 05:04 AM (RTTNews)
(RTTNews) - The German economy contracted at the end of the year on weaker investment, revised dat ...Full Story>>

German Business Confidence Improves Slightly - Ifo

02/23/2024 - 04:47 AM (RTTNews)
(RTTNews) - Business confidence in Germany strengthened modestly in February due to less pessimism ...Full Story>>

Hungary Jobless Rate Rises To 4.6%

02/23/2024 - 04:21 AM (RTTNews)
(RTTNews) - Hungary's unemployment rate increased somewhat during the November-January period, ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.