German Industrial Production Unexpectedly Reduced in August
Germany’s industrial output decreased in August for the third consecutive month. The official data showed, that the volume of industrial production fell by 0.3% in August after falling by 1.3% in July, although economists had forecast a growth of 0.4%. On an annualized basis, industrial production declined by 0.1%, in contrast to the expected growth of 0.1% and after a growth of 1.5% in July.
The German Economy Ministry said one reason for the weaker data was slower production in the auto sector related to difficulties adjusting to a new pollution standard - the Worldwide Harmonised Light Vehicle Test Procedure (WLTP).
The Germany’s government is expected to announce its updated economic growth projections for 2018 and 2019 on Thursday.