Germany's industrial output declines more than market estimate

By Tuba Sahin

ANKARA (AA) – Germany's industrial production dropped 0.8% on a monthly basis in August, more than market forecast, the country’s statistical authority revealed on Friday.

The figure followed a 0.3% decrease in July amid delivery bottlenecks, according to the Federal Statistical Office (Destatis).

The market estimate was a 0.5% contraction for the month.

"Production is still affected by the extreme shortage of intermediate products. Enterprises still have difficulties completing their orders as supply chains are interrupted because of the war in Ukraine and distortions persist that have been caused by the COVID-19 crisis," it said in a statement.

The production of intermediate goods declined 2.4% in August from a month ago.

In contrast, the production of consumer goods and capital goods were up 1.8% and 1.2%, respectively.

On an annual basis, industrial output was down 2.1% from August 2021, the data showed.