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Financial News: Germany's Industrial Production Growth Slows In July

Germany's Industrial Production Growth Slows In July

09/07/2020 - 02:14:00 (RTTNews)

(RTTNews) - Germany's industrial production growth moderated sharply in July, data from Destatis revealed Monday.

Industrial production grew 1.2 percent on month, much slower than the 9.3 percent increase seen in June and economists' forecast of 4.7 percent.

On a yearly basis, industrial output fell 10 percent, following June's 11.4 percent decrease.

Excluding energy and construction, industrial production was up 2.8 percent in July. Within industry, the production of intermediate goods showed a monthly growth of 4.0 percent. Consumer goods output gained 1.8 percent and the production of capital goods moved up 2.1 percent.

Outside industry, energy production fell 0.6 percent in July and the output in construction decreased 4.3 percent.

Data showed that production in the automotive industry rose by 6.9 percent month on month. However, it was still by just over 15 percent lower than in February 2020.

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