Germany Industry

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Germany: Industrial production falls to lowest level in over two years

July 7, 2014

In May, industrial output contracted a seasonally-adjusted 1.8% over the previous month and came in below the revised 0.3% fall registered in April (previously reported: +0.2% month-on-month). The print, which contrasted the 0.2% expansion the markets had expected, marked the third consecutive fall and represented the sharpest decrease since April 2012. May’s reading was the result of a broad-based deterioration, particularly in construction. Electricity production was the only sub-category that registered an improvement in May.

Compared to the same month last year, industrial production expanded 1.3% in May, which mirrored the growth rate registered in April (previously reported: +1.8% year-on-year). Nonetheless, the trend continued to point upward. Annual average growth in industrial production rose from 1.8% in April to 2.0% in May.

Forecasters polled by FocusEconomics expect that industrial production will expand 3.0% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel sees industrial production increasing 2.8%.


Author:, Senior Economist

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Germany Industry May 2014

Note: Month-on-month changes of seasonally adjusted industrial production and annual growth rate in %.
Source: Federal Statistics Office (Destatis).


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