German industrial production fell more than expected in August due to supply shortages
By Maria Martinez
German industrial production fell much more than expected in August, amid a general supply shortage, the Destatis statistics office announced on Thursday.
Total industrial production – comprising output in the manufacturing, energy and construction sectors – fell 4.0% in August from July in calendar-adjusted terms. Economists were forecasting a drop of 0.2%, according to a Wall Street Journal poll.
Destatis revised July’s monthly increase in industrial production to 1.3% from 1.0% earlier.
Total industrial production for August was up 1.7% from a year earlier in calendar-adjusted terms, Destatis said.
Compared with February 2020 – the month before the first restrictions were imposed in Germany due to the coronavirus pandemic – production was 9.0% lower in seasonal and calendar-adjusted terms.
Within industry, the production of capital goods fell by 7.8% over the month, the production of consumer goods fell by 2.6% and the production of intermediate goods fell by 2 , 4%, said Destatis.
Excluding industry, energy production increased 4.1% in August and production in construction fell 3.1%, said the statistics office.
Industrial production data followed Wednesday’s release of manufacturing order data for August, which showed a 7.7% month-over-month decline on an adjusted basis.
Write to Maria Martinez at [email protected]