German industrial production rose 0.2% month-over-month in June, edging past a consensus forecast of 0.1%, while exports increased 0.9%, above the 0.2% rise forecast in a Reuters poll. The automotive sector drove the output gain, but record-low Rhine water levels may reduce production in the coming weeks.
German industrial output climbed 0.2% in June from May, according to data released Friday. The figure edged past a consensus forecast of 0.1%.
The gain followed increases in the previous two months, lifting quarter-over-quarter output growth to 0.7% in the second quarter. That rise accounted for much of the quarter's GDP growth.
The automotive sector led the increase, with output rising 3.6% month-over-month. Production of other transport equipment, which includes military vehicles, jumped 8.4% over the same period.
Machinery and equipment output fell in June. Energy-intensive industries also declined during the month, though these sectors still posted gains for the second quarter overall despite higher global energy prices. The Manufacturing Output PMI and Ifo Business Climate Index both rose in July, pointing to continued positive momentum.
German exports rose 0.9% month-over-month in June, data from the federal statistics office showed Friday. The result compared with a forecast 0.2% increase in a Reuters poll.
Record-low water levels in the Rhine are causing some disruption that may reduce output in the coming weeks.
Sources: Economic Indicators News, Economy News
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