German industrial production jumps more than expected in June on auto output

7th Aug 2024 07:49

(Sharecast News) - Industrial production in Germany jumped in June, led by a partial rebound in output from the auto sector.

In calendar and seasonally adjusted terms, total output advanced at a month-on-month pace of 1.4%, according to Destatis.

Economists had pencilled in a rise of 0.9%.

Across the second quarter on the other hand, total production shrank by 1.3% when compared with previous three months.

That was on top of a downwards revision to May's estimate from -2.5% to -3.1%.

Production was down by 4.1% year-on-year in calendar adjusted terms.

Manufacturing output jumped by 1.5% on the month, with auto production rebounding by 7.5% after a 9.9% drop during the month before.

Energy production was up 2.9% but that of construction declined 0.3%.

Production of capital goods rose by 2.5% in monthly terms and that of intermediate goods by 2.1%, but that of consumer goods sank by 2.4%.

In annual terms, manufacturing output fell by 4.7%.