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Financial News: Germany Industrial Production Falls In August

Germany Industrial Production Falls In August

10/07/2021 - 02:44:00 (RTTNews)

(RTTNews) - Germany's industrial production declined more than expected in August, data from Destatis revealed on Thursday.

Industrial output fell 4 percent month-on-month in August, reversing a 1.3 percent rise in July. Economists had forecast a monthly fall of 0.4 percent. Compared with February 2020, the month before restrictions were imposed due to the corona pandemic, production was 9.0 percent lower in August.

On a yearly basis, industrial production gained 1.7 percent after rising 6 percent a month ago.

Excluding energy and construction, industrial production was down 4.7 percent. Producers continue to report about the production being constrained by a shortage of supply of intermediate products.

Within industry, the production of capital goods showed a decrease of 7.8 percent. Consumer goods output dropped 2.6 percent and output of intermediate goods fell 2.4 percent.

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