Germany: Industrial production in August unexpectedly registers steepest drop in a year
October 7, 2015
In August, industrial production contracted 1.2% over the previous month in seasonally-adjusted terms, marking the largest drop in a year. The reading contrasted July’s 1.2% increase and market expectations of a 0.2% expansion. August’s result mainly reflected that manufacturing, construction as well as electricity and energy supply swung into contraction. Conversely, the contraction in mining and quarrying softened in August.
Compared to the same month last year, industrial production grew 2.3% in August, which came in above July’s 0.8% increase. The overall trend improved as annual average growth in industrial production edged up from July’s 0.5% to 0.9% in August.