Auto industry drive big jump in German Aug industrial production
By Frank Prenesti
Date: Tuesday 08 Oct 2024
(Sharecast News) - German industrial production increased more than expected in August, driven by a "significant" jump in the auto industry, according to official data published on Tuesday.
Production was up 2.9% month on month, the federal statistics office Destatis said. Analysts had expected 0.8% rise.
"Currently, production in the automotive industry fluctuates considerably from month to month and this has an impact on the monthly development of production in industry as a whole," Destatis said in a statement.
"The seasonally and calendar adjusted production of motor vehicles, trailers and semi-trailers rose by 19.3% compared with the previous month, following a decline of 8.2% in July 2024."
The statistics office revised the July figure to a 2.9% decline from a 2.4% fall previously.
Reporting by Frank Prenesti for Sharecast.com
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