Germany: Industrial production deteriorates in September; records steepest drop in over a year
November 6, 2015
In September, industrial production contracted 1.1% over the previous month in seasonally-adjusted terms, marking the largest drop in over a year. The reading followed August’s milder 0.6% decrease and contrasted market expectations of a 0.5% expansion. September’s result mainly reflected that manufacturing recorded a steeper drop than in August and that construction swung into contraction. Conversely, mining and quarrying as well as electricity and energy supply improved over the previous month.
Compared to the same month last year, industrial production grew 0.2% in September, which came in below August’s 2.7% increase. The overall trend stabilized as annual average growth in industrial production remained at August’s 0.9%.