Forex News

Industrial production in Germany unexpectedly declined in April

Germany's industrial production unexpectedly declined in April, the statistical agency Destatis said on Friday. The volume of industrial production fell by 1 percent in April on a monthly basis, changing the dynamics after growth of 1.7 percent in March. The forecast was made with regard to the growth of industrial production by 0.3 percent. Without taking energy and construction into account, the volume of industrial production fell by 1.7 percent. Energy production fell by 1.6 percent in April, while the output of the construction sector grew by 3.3 percent. On an annualized basis, industrial production growth fell to 2% against 3.8% a month ago. Economists predicted an increase of 2.8 percent.