German Industrial Production Unexpectedly Fell in April

Forex News

German industrial production and exports declined in April compared with March, giving another sign that Europe's largest economy is struggling to gain momentum following a weak start to the year. Data from the Economy Ministry showed that industrial output fell by 1.0%, below a forecast for a 0.3% growth. On an annualized basis, industrial production growth fell to 2% from 3.8% a month ago. Economists predicted an increase of 2.8%.

Without taking energy and construction into account, the volume of industrial production fell by 1.7%. Energy production fell by 1.6% in April, while production in the construction sector grew by 3.3%. In industry, production of means of production decreased by 1.3%, and consumer goods production fell by 2.1%. The production of intermediate goods decreased by 2.0%.

Separate data from the Federal Statistics Office showed exports fell by 0.3% in April while imports rose 2.2%. Today’s data also showed the trade surplus shrank to 19.4 billion euros in April from a downwardly revised reading of 21.6 billion euros in March. Analysts had expected a surplus of 21.0 billion euros.