BERLIN: German industry’s recovery from the impact of coronavirus lockdown measures slowed from a sprint to a crawl in July, according to government data released on Monday.
Production was up 1.2 per cent compared to June, in the third consecutive month of growth, the Federal Statistical Office (Destatis) reported.
However, analysts had forecast a much stronger rebound in July of 4.5 per cent. And production growth had been much stronger in June at 9.3 per cent, Destatis said, revising up its initial estimate for that month of 8.9 per cent. Sweeping restrictions intended to slow the spread of the pandemic led to sharp falls in industrial production in Europe’s largest economy in March and April.
Despite signs of recovery since then, the year-on-year data illustrates the severe toll that the crisis has taken on industry. In July, production was down 10 per cent on the same month last year, Destatis said. — dpa