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Financial News: Germany's Industrial Production Falls Unexpectedly

Germany's Industrial Production Falls Unexpectedly

10/07/2020 - 02:40:00 (RTTNews)

(RTTNews) - Germany's industrial production declined unexpectedly in August, data from Destatis revealed Wednesday.

Industrial production dropped 0.2 percent on a monthly basis in August, in contrast to a 1.4 percent rise posted in July. Economists had forecast an increase of 1.5 percent.

On a yearly basis, industrial production decreased 9.6 percent following a 10 percent drop in July.

Excluding energy and construction, production was down by 0.7 percent. Within industry, the production of intermediate goods logged a monthly growth of 3.3 percent. On the other hand, consumer goods output decreased by 1.3 percent and that of capital goods by 3.6 percent. Outside industry, energy production grew 6.7 percent, while construction output decreased 0.3 percent.

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