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Financial News: Germany Industrial Production Growth Accelerates

Germany Industrial Production Growth Accelerates

08/07/2020 - 02:25:00 (RTTNews)

(RTTNews) - Germany's industrial production grew at a faster pace in June, data from Destatis revealed on Friday.

Industrial production advanced 8.9 percent month-on-month in June, faster than the 7.4 percent increase seen in May. Economists had forecast a monthly growth of 8.1 percent.

On a yearly basis, industrial production fell 11.7 percent in June after declining 19.5 percent in May.

Excluding energy and construction, industrial output was up by 11.1 percent in June. Within industry, intermediate goods output showed an increase of 5.0 percent. At the same time, output of consumer goods grew 7.3 percent and that of capital goods advanced 18.3 percent.

Outside industry, energy production grew 5.5 percent and construction output climbed 1.4 percent.

Production in the automotive industry in June continued to increase markedly by 54.7 percent on month, data showed.

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