Germany Industrial production September 2021

Germany

Germany: Industrial output falls at a softer pace in September

November 5, 2021

Industrial production dropped 1.1% month-on-month in September in seasonally- and calendar-adjusted terms, following August’s 3.5% contraction. The print reflected softer contractions in capital and intermediate goods production, and a return to growth in the production of consumer goods. Activity in the construction sector also rebounded, while energy output slowed.

On an annual basis, industrial production fell 1.0% in September, after expanding 2.2% in August. Annual average industrial production rose from 2.6% in August to 3.9% in September.

Carsten Brzeski, global head of macro at ING, added:

“The only upside of yet another drop in German industrial production is that it can hardly get worse. […]  Supply chain frictions are not only leaving their mark on actual production but have started to spread and to undermine production prospects.”

Panelists polled by FocusEconomics expect industrial production to increase 3.4% in 2022. For 2023, the panel sees industrial production expanding 2.3%.


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Germany Industrial production Chart


Germany Industry September 2021 0

Note: Month-on-month changes of seasonally adjusted industrial production and annual growth rate in %.
Source: Federal Statistics Office (Destatis).


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