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DE: Industrial Production
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Month over Month | 0.2% | -1.5% to 0.5% | 0.2% | 0.9% | 0.7% |
| Year over Year | 0.0% | 0.1% | -0.1% |
Highlights
German industrial production recorded modest monthly growth of 0.2 percent in June 2026, following a stronger 0.7 percent rise in May. The monthly increase indicates improving short-term momentum, although annual production remained unchanged from June 2025 levels.
Growth was narrowly concentrated rather than broadly distributed. Automotive production increased by 3.6 percent, while other transport equipment rose sharply by 8.4 percent. In contrast, machinery and equipment production declined by 3.9 percent. This contrast suggests that Germany’s industrial recovery remains dependent on a limited number of capital-intensive sectors.
The unchanged output of industry excluding energy and construction further demonstrates underlying weakness. Consumer and capital goods grew moderately, but intermediate goods fell by 0.9 percent, potentially signalling softer future manufacturing demand. Energy-intensive industries also declined by 1.8 percent monthly, despite performing better over the year.
In summary, June presents a picture of cautious recovery as industrial output over the month is moving forward, but on a narrow and uneven foundation. These latest updates take the RPI and RPI-P to minus 5, meaning economic activities are now within the expectations of the German economy.
Market Consensus Before Announcement
Output seen up a marginal 0.2 percent on the month in June after gaining 0.9 percent in May.
Definition
Industrial production measures the physical output of the nation's factories, mines and utilities. Data are collected from companies in the sector with fifty or more employees and include mining and quarrying, manufacturing, energy and, in contrast to its Eurozone counterpart, construction.
Description
Investors want to keep their finger on the pulse of the economy because it usually dictates how various types of investments will perform. The stock market likes to see healthy economic growth because that translates to higher corporate profits. The bond market prefers more subdued growth that will not lead to inflationary pressures. By tracking economic data such as industrial production, investors will know what the economic backdrop is for these markets and their portfolios.
Like the manufacturing orders data, the production index has the advantage of being available in a timely manner giving a more current view of business activity. Those responding to the data collection survey account for about 80 percent of total industrial production. Like the PPI and the orders data, construction is excluded.
This report has a big influence on market behavior. In any given month, one can see whether capital goods or consumer goods are growing more rapidly. Are manufacturers still producing construction supplies and other materials? This detailed report shows which sectors of the economy are growing and which are not.