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German industry: July decline by 2.4%

September, 06 2024
watermark Economic news

In July 2024, industrial production in Germany decreased by 2.4% compared to June, according to the German Federal Statistical Office (Destatis). This figure was below the expectations of analysts, who had predicted a decline of 0.3%. 


The decline in July is explained, in particular, by the decline in the automotive industry, where production volumes fell by 8.1% after a June increase of 7.9%. Declines in the production of electrical equipment (-7%) and metal products (-3.8%) also had a significant negative impact.


In July, there was also a decrease in the output of means of production by 4.2%, intermediate goods by 2.8%, and consumer goods by 2.1%. At the same time, construction volumes increased by 0.3% compared to the previous month, and electricity generation decreased by 1.9%. 


Overall, the volume of industrial production in Germany in July was 5.3% lower than in July last year.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.