Industrial output speeds up in July

Latest reading: Industrial production grew 1.3% on a seasonally and calendar-adjusted month-on-month basis in July (June: -0.1% mom s.a.). The turnaround came on the back of rebounds in manufacturing production plus mining and quarrying output. Lastly, construction output moderated, while energy output contracted at a steeper pace than in June. On an annual basis, factory output rebounded, rising 1.5% in July (June: -1.8% yoy), the best result since March 2023. Moreover, the trend improved, with the annual average variation of industrial production coming in at minus 2.2% in July, up from June's minus 2.7%.

Panelist insight: Commenting on the outlook, ING’s Carsten Brzeski stated: “All in all, it is hard to derive a clear trend from highly (and more than usual) volatile and often heavily revised monthly industrial data these days. Trying to look through this volatility, the hopes for at least a cyclical rebound in German industry remain alive, even though the disappointments of the last few years warn against any premature optimism.”

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