Germany's industrial production declines 2.5% in May 2024

Germany's industrial production, adjusted for real terms (price adjusted), dropped by 2.5 per cent in May 2024 compared to the previous month after seasonal and calendar adjustments, according to provisional data from the Federal Statistical Office (Destatis). A three-month comparison showed that production levels remained unchanged from March to May 2024.

Revised figures indicated a slight increase in production for April 2024, up by 0.1 per cent compared to March 2024, correcting the initially reported decline of 0.1 per cent. However, when compared to May 2023, production in May 2024 was down by 6.7 per cent after adjusting for calendar effects.

The decline in May 2024 was observed across most economic sectors of industry. Specifically, production in industry excluding energy and construction fell by 2.9 per cent from April 2024 after seasonal and calendar adjustments. The production of intermediate goods saw a decrease of 2.7 per cent, while consumer goods production dropped by 0.2 per cent. Compared to May 2023, production in industry excluding energy and construction was down by 7.3 per cent after calendar adjustment, as per Destatis.

Despite the overall downtrend, production in energy-intensive industrial branches showed a marginal increase of 0.2 per cent in May 2024 from April 2024, after eliminating seasonal and calendar effects. A three-month comparison revealed that production in these energy-intensive sectors was 3.5 per cent higher from March to May 2024 compared to the previous three-month period. Additionally, compared to May 2023, production in these branches was up by 2.5 per cent after calendar adjustment.

Fibre2Fashion News Desk (DP)