German industrial production in December 2024 fell by 2.4% from the previous month, the country’s statistical office said. Analysts on average expected a decline of 0.6%, according to Trading Economics.
The dynamics of the indicator became the worst since July last year. According to the revised data, industrial production increased by 1.3% in November, not 1.5%, as previously announced.
The decline in industrial production in December was largely due to a 10% drop in automobile production. Meanwhile, output of pharmaceuticals jumped 11.6%.
The output of capital goods fell 4.7%, intermediate goods fell 3.3%, and consumer goods production rose 0.9%. Construction output remained at the same level as the previous month.
On an annualized basis, German industrial production fell 3.1% in December. For the full year 2024, German industrial production fell by 4.5%.
