ZURICH (MaceNews) – Industrial production in Germany rose 1.0 percent in July from the previous month, beating expectations on strong orders for capital goods, the Federal Statistics Office (Destatis) reported Tuesday.
The increase exceeded the median forecast for a 0.1 percent monthly gain, according to the charteconomicdata.com calendar.
Today’s result for production comes one day after stronger-than-expected factory orders which rose 3.4 percent in July from the previous month and well above the charteconomicdata.com calendar median for a 0.9 percent gain.
June’s production result was revised higher to reflect a 1.0 percent decline compared to the preliminary result of -1.3 percent.
Despite today’s gain, Destatis noted that production is still 5.5 percent below the pre-pandemic level of February 2020.
Production by major sector:
- Capital goods +3.2% M/m
- Consumer goods +0.9% M/m
- Intermediate goods -0.5% M/m
- Energy production -3.2% M/m
- Construction +1.1% M/m
Excluding energy and construction, production rose 1.3 percent in July, according to Destatis.
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