Germany Industrial production September 2020

Germany

Germany: Industrial output growth accelerates in September

November 6, 2020

Industrial output rose 1.6% on a calendar-adjusted month-on-month basis in September (August: +0.5% mom). The expansion was driven by growth in consumer goods, intermediate goods, and capital goods production, while production in construction sector also rose solidly. On the other hand, falling energy output capped the headline print. Regarding the key automotive sector, output rose at a double-digit pace, but remained notably below pre-Covid-19 levels.

On an annual basis, industrial output fell at a more moderate pace of 7.3% in September (August: -8.7% yoy).

Industrial output rose 1.6% on a calendar-adjusted month-on-month basis in September (August: +0.5% mom). The expansion was driven by growth in consumer goods, intermediate goods, and capital goods production, while production in construction sector also rose solidly. On the other hand, falling energy output capped the headline print. Regarding the key automotive sector, output rose at a double-digit pace, but remained notably below pre-Covid-19 levels.

On an annual basis, industrial output fell at a more moderate pace of 7.3% in September (August: -8.7% yoy).

Panelists polled by FocusEconomics expect industrial production to increase 5.9% in 2021. For 2022, the panel sees industrial production expanding 2.5%.


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Germany Industry September 20 20 1

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


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