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%.
Author: Jan Lammersen, Economist