German industrial production falls less than expected
By Benjamin Chiou
Date: Wednesday 08 May 2024
(Sharecast News) - Industrial output in Germany fell in March, according to data released on Wednesday by the Federal Statistical Office, Destatis, though it wasn't as big a drop as expected after figures for the previous month were revised lower.
Industrial production fell by 0.4% over the month, following a revised 1.7% increase in February, which was changed from the initial estimate of +2.1%.
Nevertheless, economists were expecting a drop of 0.6% in March.
However, the three-month moving average - which smoothes out monthly volatility - was 1% higher in the January to March period than the previous three months.
Production in the energy sectors fell by 4.2% in March, declined 0.4% in industry, and dropped 1.4% in consumer goods and 0.6% in intermediate goods. Construction production grew by 1.0%.
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