German economy forecast to lag eurozone growth until 2026
The German economy is expected to significantly underperform the eurozone average until at least 2026, according to the European Commission's Autumn Forecast released on Friday.
The combined Index of Eight Core Industries (ICI) increased by 4% (provisional) in June 2024 as compared to the Index in June 2023, Ministry of Commerce & Industry said on Tuesday.
The production of Coal, Electricity, Natural Gas, Steel, Fertilizer and Cement recorded positive growth in June 2024, it added. In May, the growth was 6.4%.
The core sector expansion slid to a 20-month low, lowest since November 2022. The slide was led by a moderation in growth or deepening contraction in five of the eight constituents.
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During the April-June quarter of fiscal year 2024–25, output from these core sectors rose by 5.7%, down from 6% in the same period last fiscal year.
Coal production recorded the highest share with an increase by 14.8% in June 2024 over June 2023. Its cumulative index increased by 10.8% during April to June 2024-25 over the corresponding period of the previous year.
Electricity generation increased by 7.7% in June 2024 over June 2023. Its cumulative index increased by 10.5% during April to June 2024-25.
Natural Gas production increased by 3.3% in June 2024 over June 2023. Its cumulative index increased by 6.4% during April to June 2024-25.
Further, the steel production increased by 2.7% in June, and tts cumulative index increased by 6.1% during April to June 2024-25.
Fertilizer production increased by 2.4% in June with cumulative index remaining constant during April to June 2024-25.
The Cement production spiked by 1.9% in June with cumulative index increasing by 0.3% April to June 2024-25.
On the declining side in June was Crude Oil production by 2.6%, Petroleum Refinery production by 1.5%.
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