Germany Industry September 2017

Germany

Germany: Industrial output declines in September

November 8, 2017

In September, industrial production decreased 1.6% from the previous month in seasonally- and working-day adjusted terms, contrasting the robust 2.6% increase in August. The result was markedly below market expectations of a smaller contraction of 0.8%, and the biggest drop since December 2016.

The downturn was not broad-based, as the mining and construction sectors accelerated; the former increased the most. However, marked decelerations in the energy, industry and manufacturing sectors offset the gains. Nonetheless, the overall story is still positive: Industrial production expanded 0.8% in the third quarter over the previous quarter.

Compared to the same month of the previous year, growth in industrial production was 3.6% in September, down from the revised 4.6% in August (previously reported: +4.7% year-on-year). Conversely, annual average growth in industrial production was 2.5% in September, up slightly from the previous month’s 2.4%.

Panelists polled by FocusEconomics expect industrial production to expand 2.0% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, the panel sees industrial production increasing 1.6%.


Author:, Economist

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Germany Industry September 2017

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


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