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LONDON (MNI)
Germany's annual industrial production declined by 10% year-on-year in 2020, data published Monday by Destatis showed, with the auto industry, Germany's largest manufacturing group, taking the largest hit during the pandemic with output down 25% y/y. The auto sector accounts for 23% of the total revenue of all industrial firms.
Clothing and footwear production saw the second largest drop, falling by 20% y/y and having the largest revenue loss of all industries at -19.3%. The wood industry was the only sector to grow, rising by 3.1% y/y.
Source: Destatis
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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