The Federal Statistical Office (Destatis) reported on Tuesday that Germany’s industrial production rose 1.0 percent m-o-m in July after a revised 1.0 percent m-o-m decrease in the prior month (primary a decline of 1.3 percent m-o-m).

Economists had forecast a 0.9 percent m-o-m rise in July.

Compared with February 2020, the month before COVID-19 restrictions were imposed in Germany, production was 5.5 percent lower.

According to the report, the major contributors to the July increase were gains in production of capital goods (+3.2 percent m-o-m) and consumer goods (+0.6 percent m-o-m) as well as construction output (+1.1 percent m-o-m). At the same time, production of intermediate goods (-0.5 percent m-o-m) and energy (-3.2 percent m-o-m) recorded declines.

Excluding energy and construction, production in the industry was up 1.3 percent m-o-m in July.

In y-o-y terms, industrial production rose 5.7 percent in July.