Germany Industrial Production Falls In July
(RTTNews) - Germany industrial production declined in July on widespread falls across consumer, capital and intermediate goods, official data showed Wednesday.
Industrial production fell 0.3 percent on a monthly basis, reversing a 0.8 percent rise in June, Destatis reported. Output was forecast to decline 0.5 percent.
Excluding energy and construction, industrial output was down 1.0 percent in July. Declines in production were observed in all main groupings. The production of consumer goods fell 2.4 percent due to the development of non-durable goods production, which went down by 3.0 percent.
At the same time, capital goods production slid 0.8 percent and intermediate goods output was down 0.6 percent.
Outside industry, energy production advanced 2.8 percent and construction output gained 1.4 percent, data showed.
Year-on-year, industrial production logged a decline of 1.1 percent after easing 0.1 percent in June.
Data released on Tuesday showed that factory orders declined 1.1 percent month-on-month in July on weak domestic and euro area demand.
Looking ahead, shrinking order books since the start of the Ukraine war, the well-known supply chain problems plus high uncertainty, high energy and commodity prices and potential energy supply disruptions will not make life any easier, Carsten Brzeski, an ING economist said.
Judging from the first macro data for the third quarter, the German economy has not fallen off a cliff at the start of the third quarter but is rather sliding into recession, the economist added.
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