The Federal Statistical Office of Germany said on Tuesday that due to increased production in the automotive industry, Germany's industrial output in August increased by 2.9% compared to the previous month, exceeding the market's expected increase of 0.8%. However, output from June to August decreased by 1.3% compared to the previous three months.
The Federal Statistical Office of Germany stated that the output of the automotive industry fluctuates greatly each month, affecting overall output.
In August, the production of motor vehicles, trailers, and semi-trailers, adjusted for seasonal and calendar factors, increased by 19.3% compared to the previous month, while in July it decreased by 8.2%.
After adjusting for seasonal and calendar factors, industrial output (excluding energy and construction) in August increased by 3.4%. Energy output grew by 2.3%, and construction output slightly increased by 0.3%.
The Federal Statistical Office of Germany revised the industrial output for July from a previous decrease of 2.4% to a decrease of 2.9%.
The German Ministry of Economics said on Tuesday: "There are currently no signs of recovery in the industrial sector."
The German Ministry of Economics also stated that the sentiment indicators for the manufacturing industry remain low, and orders in August could not continue the slight upward trend seen in recent months.
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Data released on Monday showed that industrial orders in Germany in August decreased by 5.8% compared to the previous month, further indicating that the manufacturing industry of Europe's largest economy will struggle to recover in the coming months.
Capital Economics Senior European Economist Franziska Palmas said that high energy prices, a slowdown in demand for German industrial products overseas, and structural challenges such as the automotive industry's difficulty in expanding electric vehicle production will continue to put pressure on output.
Palmas said: "As a result, industry will continue to drag down the German economy for some time."
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