July saw a slight uptick in industrial production, with the June figure also revised to a higher value. - Production of goods within industries marginally rose in July, with the figures for June revised upwardly.
The Federal Statistical Office in Wiesbaden has reported on the latest figures for industrial production, painting a picture that is somewhat mixed for the sector.
In July, production in the mechanical engineering sector, automotive, and pharmaceutical industries saw significant increases. This positive trend was also reflected in a slight rise in industrial production compared to June. However, the Ministry's statement suggests a more favorable picture of industrial activity overall.
On the other hand, the three-month average for energy-intensive industries showed a decline of 2.6 percent. Companies in these sectors have been particularly affected by the relatively high electricity prices in Germany. Despite a slight increase in July, firms in the Bavarian metal and electrical industry, as well as the Austrian and German metal-technical sectors, have faced significant production declines. The Bavarian metal and electrical industry saw a 1.6% production decline in the second quarter and 3.5% lower output compared to the previous year.
The Austrian and German metal-technical sectors have been in multi-year recessions, with production drops of 6% to over 20% since 2023. The energy-intensive industries saw a 0.4 percent increase in production in July, but compared to the same month last year, they were 4.8 percent lower.
The current data suggests a gradual stabilization in industrial production, as stated by the Federal Ministry of Economics. However, uncertainties remain high due to geopolitical conditions and the development of domestic and foreign demand. These uncertainties have been previously mentioned as a factor affecting industrial activity.
The three-month comparison from May to July showed a 0.1% decrease in industrial production. The Federal Ministry of Economics has not issued a new statement regarding the industrial production data.
In conclusion, while some industries are showing growth, others are experiencing a decline. The industrial sector continues to face challenges, and the outlook remains uncertain. The Federal Statistical Office will continue to monitor and report on these developments.
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