Auto industry drive big jump in German Aug industrial production

8th Oct 2024 07:29

(Sharecast News) - German industrial production increased more than expected in August, driven by a "significant" jump in the auto industry, according to official data published on Tuesday.

Production was up 2.9% month on month, the federal statistics office Destatis said. Analysts had expected a 0.8% rise.

"Currently, production in the automotive industry fluctuates considerably from month to month and this has an impact on the monthly development of production in industry as a whole," Destatis said in a statement.

"The seasonally and calendar adjusted production of motor vehicles, trailers and semi-trailers rose by 19.3% compared with the previous month, following a decline of 8.2% in July 2024."

The statistics office revised the July figure to a 2.9% decline from a 2.4% fall previously.

Reporting by Frank Prenesti for Sharecast.com