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Financial News: Germany Industrial Production Declines Unexpectedly

Germany Industrial Production Declines Unexpectedly

07/07/2021 - 02:14:00 (RTTNews)

(RTTNews) - Germany's industrial production decreased unexpectedly in May, data from Destatis showed on Wednesday.

Industrial production fell 0.3 percent month-on-month in May, the same pace of decline as seen in April. Economists had forecast output to grow 0.5 percent.

On a yearly basis, industrial output growth moderated to 17.3 percent from 27.6 percent a month ago. Excluding energy and construction, industrial production was down 0.5 percent.

Within industry, consumer goods output showed an increase of 4.1 percent and the production of intermediate goods was up 0.6 percent. Meanwhile, capital goods output dropped 3.4 percent.

Outside industry, energy production dropped 2.1 percent in May, while construction output climbed 1.3 percent.

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