Germany: Industrial production falls for the third consecutive month in August
Industrial production contracted 0.3% over the previous month in August in seasonally, price and working-day adjusted terms, marking the third consecutive drop but up from July’s revised 1.3% decline (previously reported: -1.1% month-on-month). August’s figure contrasted market expectations of a 0.4% expansion.
The contraction was chiefly driven by the construction and capital goods sectors. In contrast, consumer goods, intermediate goods, and energy output increased month-on-month.
In year-on-year terms, industrial production swung from a revised 1.5% expansion in July (previously reported: +1.1% year-on-year) to a 0.1% decline in August. Lastly, annual average growth in industrial production moderated to 3.4% in August from July’s 3.7%.