German industry: July decline by 2.4%

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.