Germany's industrial output down at slower pace

By Tuba Ongun

Germany's industrial output slipped 0.2% in August from the previous month, according to official data released on Monday.

This fourth straight month of decline followed July's upwardly revised 0.6% monthly fall, German statistical authority Destatis said in a statement.

The decrease was mainly led by a drop in energy production by 6.6%, construction by 2.4%, and the manufacture of machinery and equipment by 2.3%.

Production in the automotive industry, on the other hand, grew 7.6% month-on-month, shifting from a 9.4% plunge in July.

On an annual basis, industrial production ticked down 2% in August, following a 1.7% decrease in July.