German Industrial Production Bounces Back In June
Faizan Hashmi Published August 08, 2016 | 01:56 PM
FRANKFURT, (APP - UrduPoint / Pakistan Point News - 8th Augst,2016) - German industrial production returned to growth in June after a surprise May contraction, preliminary official data showed on Monday. Industrial output grew by 0.8 percent in June compared with 2015, figures adjusted for price, Calendar and seasonal effects from the Federal statistics office Destatis showed. It was a slightly weaker performance than expected, as analysts surveyed by Factset had predicted 0.9 percent growth. Growth in June meant a turnaround from May's unexpected 0.9 percent shrinkage, which Destatis on Monday revised down from the preliminary figure of 1.
3 percent. Looking to individual sectors, manufacturing saw production growth of 1.5 percent while construction shrank by 0.5 percent. Overall, that contributed to a production decline of 1.0 percent over the second quarter, a result "largely traceable to delays due to bad weather in the construction sector," the economy ministry said in a statement. Meanwhile the ministry predicted that "given the continuing development of new industrial orders, a moderate upwards trend is to be expected in the coming months."