Germany Shows Clear Recovery After COVID-19... June Industrial Production Up 8.9% MoM

▲Angela Merkel, Chancellor of Germany [Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The German economy showed signs of recovery after being hit by the impact of the novel coronavirus disease (COVID-19).

According to the German Federal Statistical Office on the 7th (local time), Germany's industrial production in June increased by 8.9% month-on-month on a seasonally adjusted basis. This marked an expansion of the positive trend compared to May (7.4%). However, it decreased by 11.7% compared to the same month last year.

Industrial production had decreased by 9.2% in March and 17.9% in April, when COVID-19 began to spread.

Looking at the details of June's industrial production, manufacturing increased by 11.1% month-on-month. Within manufacturing, automobile production rose by 54.7% compared to the previous month. Consumer goods production increased by 7.3%, and construction production grew by 1.4%.

Additionally, Germany's exports in June increased by 14.9% month-on-month on a seasonally adjusted basis. Imports also rose by 7%.

However, exports decreased by 9.4% compared to the same month last year.

Germany's trade balance in June recorded a surplus of 14.5 billion euros (approximately 20 trillion won).