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Financial News: Germany Industrial Output Declines At Fastest Pace Since

Germany Industrial Output Declines At Fastest Pace Since 1991

06/08/2020 - 02:12:00 (RTTNews)

(RTTNews) - Germany's industrial production declined at the fastest rate since the series began in 1991, data from Destatis showed Monday.

Industrial output decreased 25.3 percent year-on-year in April, following an 11.3 percent fall in the previous month. This was the biggest fall on record.

Month-on-month, industrial production plunged 17.9 percent versus a revised 8.9 percent drop in March. Economists had forecast a monthly fall of 16 percent.

Excluding energy and construction, industrial production was down 22.1 percent in April.

Within industry, the production of intermediate goods decreased 13.8 percent and that of consumer goods by 8.7 percent. The production of capital goods declined 35.3 percent. Automotive industry reported a sharp decline of 74.6 percent in output.

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