Germany Industrial Production Drops Unexpectedly In April

Germany's industrial production logged an unexpected decline in April, data from Destatis revealed on Tuesday.

Industrial output dropped 1 percent on a monthly basis in April, reversing a revised 2.2 percent rise in March. Economists had forecast an increase of 0.5 percent.

On a yearly basis, the growth in industrial production surged to 26.4 percent from 4.8 percent in the previous month.

Compared with February 2020, the month before restrictions were imposed due to the corona pandemic, production was 5.6 percent lower in seasonally and calendar adjusted terms in April.

Excluding energy and construction, production was down by 0.7 percent. Within industry, the production of consumer goods dropped 3.3 percent and that of intermediate goods by 0.2 percent. Output of capital goods also fell in April, by 0.1 percent.

Outside industry, energy production grew 6.0 percent, while construction output decreased 4.3 percent.

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