German industrial production falls less than expected

8th May 2024 07:53

(Sharecast News) - Industrial output in Germany fell in March, according to data released on Wednesday by the Federal Statistical Office, Destatis, though it wasn't as big a drop as expected after figures for the previous month were revised lower.

Industrial production fell by 0.4% over the month, following a revised 1.7% increase in February, which was changed from the initial estimate of +2.1%.

Nevertheless, economists were expecting a drop of 0.6% in March.

However, the three-month moving average - which smoothes out monthly volatility - was 1% higher in the January to March period than the previous three months.

Production in the energy sectors fell by 4.2% in March, declined 0.4% in industry, and dropped 1.4% in consumer goods and 0.6% in intermediate goods. Construction production grew by 1.0%.