Development of output in the goods-producing sector in June 2012
According to preliminary data [1], output in the goods-producing sector contracted by 0.9%
in price-, calendar- and seasonally adjusted terms [2] between May and June. The May figure (revised slightly upwards) had been an increase of 1.7%.Industrial production dipped by 1.0 %, while output in the construction sector proper fell by 2.0 %.The slight expansion of output in the energy sector boosted the overall figure.In industry, the manufacturers of capital goods reported a drop in production of 1.6%.At the same time, 0.3% less intermediate goods and 0.9% less consumer goods were produced than in the preceding month.
In the two-month comparison of May/June against March/April, output in the goods-producing sector remained virtually unchanged at +0.1% (in price-, calendar- and seasonally adjusted terms). For the second quarter as a whole, output in the goods-producing sector dropped marginally, by 0.2% compared to the first quarter.Industrial output declined by 0.5%.Production in the construction industry proper expanded by 4.4%, supported by base effects.
Output in the goods-producing sector in May/June was 0.3% below the previous year's level after adjustment for working-day variations. Here, industrial production was 0.6% below the level last year, whilst output in the construction industry proper was 2.3% higher.
This means that output in the goods-producing industry was still relatively robust when viewed in quarterly terms. In view of the fact that the development in new orders is currently somewhat hesitant, the outlook for industrial output remains restrained at present. The construction industry proper is benefiting from a favourable climate for its business.
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[1] Sources: Federal Statistical Office, Deutsche Bundesbank.
[2] Census X-12-ARIMA procedure.
