2024-05-09 08:00:57
Industrial production in Germany fell in March less than analysts expected. This is stated in a report of the federal statistical office “Destatis”, published today on its website and cited by Reuters.
The volume of output of the German industrial sector fell by 0.4 percent in March 2024 compared to February. This is according to the preliminary data of “Destatis”, adjusted on a seasonal and calendar basis. On an annual basis (compared to March 2023), industrial production decreased by 3.3 percent, BTA reported.
Analysts polled by Reuters had expected German industrial production to contract by 0.6 percent on a monthly basis. Its smaller decline is due to the stabilization of the construction sector, the agency says.
“The fact that industrial production fell in March after two months of growth is a signal that reminds us that the German economy is still struggling,” said Francesca Palmaz, chief economist at Capital Economics.
The output of the German industrial sector increased by 1.7 percent in February on a monthly basis, adjusted statistics showed.
In the first quarter of the year (January-March 2024), industrial production in Germany increased by 1 percent compared to the period October-December 2023. Expert Francesca Palmaz expects it to increase a little more this year, but weaker than in previous periods.