Data published by the Federal Statistical Office (Destatis) showed that industrial production increased by 1.4% in June after falling by 3.1% in May (revised from -2.5%). This was the sharpest increase since February. Economists had expected a 1.0% increase. In annual terms, industrial production fell by 4.1%, slowing compared to May (-7.2%). Meanwhile, over the last three months (through June), industrial production fell by 1.3% compared to the previous three-month period.
Destatis said that the rebound in industrial production in June was mainly attributable to the increase observed in the automotive industry (+7.5% m/m), following a 9.9% decline in May. Production growth also recorded in the manufacture of electrical equipment (+5.2%). By contrast, the drop in production in the food industry (-5.3%) had a negative impact on overall performance. The production of capital goods rose by 2.5% and that of intermediate goods by 2.1%. The production of consumer goods, however, declined by 2.4%. Meanwhile, energy production grew by 2.9% m/m. Production in construction increased by 0.3% from the previous month. Industrial production, excluding energy and construction, increased by 1.5% m/m and fell by 4.7% per annum. Production in energy-intensive industries rose by 1.4% compared to May and by 3.8% per annum.