German mining industry production exceeds financial estimates

In June 2024, German industrial production increased by 1.4% compared to the previous month, exceeding the market consensus (1.0% increase).

The automotive industry (7.5% increase) and electric appliance manufacturing (5.2% increase) performed well, while the food industry decreased by 5.3%.

Manufacturing production, excluding energy and construction, increased by 1.5%.

On the other hand, energy production increased by 2.9%, and construction industry increased by 0.3%.

At the same time, production of capital goods (2.5%) and intermediate goods (2.1%) expanded, but consumer goods decreased by 2.4%.

On a less volatile three-month comparison, production in the second quarter of 2024 was 1.3% lower than the previous period.

Annually, industrial production in June decreased by 4.1%, significantly slowing down from the 7.2% decline in May.

Source: Federal Statistical Office.