Germany's Industrial Output Decreases More Than Forecasted
(MENAFN) Germany's industrial production experienced a sharper decline than anticipated in February, as per the official data released on Monday by the country's statistical agency, Destatis.
Industrial output decreased by 1.3 percent compared to the previous month, reversing the 2 percent growth observed in January. Experts had predicted a smaller contraction of 0.9 percent for February.
The main factor behind this downturn was a significant 3.2 percent reduction in the construction sector relative to the prior month.
The food industry also suffered a notable decrease, with production falling by 5.3 percent, whereas energy output dropped by 3.3 percent.
However, the manufacturing of electrical equipment saw a positive shift, increasing by 3.3 percent, which helped mitigate some of the overall losses.
Year-over-year, Germany's industrial output plummeted by 4 percent in February.
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