German industrial production fell -1.9% MoM (vs -0.5% MoM expected) and -3.6% YoY in June 2025, marking the lowest output level since May 2020.

• Production excluding energy and construction declined -2.8% MoM and -4.7% YoY.
• Capital goods output dropped -3.2% MoM, consumer goods -5.6%, and intermediate goods -0.6%.
• Major sectoral declines included machinery and equipment (-5.3% MoM), pharmaceuticals (-11.0%), and food (-6.3%).
• Energy production rose +3.1% MoM; construction output edged up +0.7%.
• Output in energy-intensive industries declined -2.2% MoM and -7.4% YoY.