Germany: Industrial output drops markedly in September
November 6, 2012
In September, industrial output decreased a seasonally adjusted 1.8% over the previous month. The reading came in well below both the revised 0.4% contraction recorded in August (previously reported: -0.5% moth-on-month) and market expectations of a 0.7% decline. A significant deterioration in manufacturing output, which dropped 2.3% (August: -0.2% mom), offset an improvement in construction as well as in mining and quarrying. In annual terms, industrial production decreased a working-day adjusted 1.2%, which nevertheless represents a modest improvement over the 1.3% contraction seen in August. That said, the trend continues to point downward, with annual average growth in industrial production falling from 1.2% in August to 0.6% in September.