Allemagne Production Industrielle (Mensuel)

German industrial production shrank by 2.4% month-over-month in July 2024, compared with market estimates of a 0.3% fall and after an upwardly revised 1.7% growth in the prior month. It was the third time of decline year to date, mainly dragged by the automotive industry (-8.1%), the manufacture of electrical equipment (-7.0%), and fabricated metal products (-3.8%). Production in manufacturing, which excludes energy and construction, contracted 3.2%. Also, energy production slipped 1.9%. By contrast, construction activity rose by 0.3%. At the same time, the output of capital goods were lower (-4.2%), as did intermediate ones (-2.8%) and consumer goods(-1.2%). The less volatile three-month-on-three-month comparison showed that production was 2.7% lower in the period from May to July 2024 than in the previous three months. Yearly, industrial output declined by 5.3% in July, much steeper than a 3.7% fall in June.