Germany: ndustrial output unexpectedly falls in September
November 8, 2010
In September, industrial production contracted 0.8% in seasonally and calendar adjusted terms over the previous month. The reading contrasted the revised 1.5% expansion observed in August (previously reported: +1.7% month-on-month) and market expectations, which had industrial output growing 0.4%. The monthly fall mainly reflected a contraction in manufacturing, which declined 0.9% month-on-month, contrasting the 1.9% increase registered in August. Simultaneously, consumer goods production fell 0.6% over the previous month (August: +0.7% mom). Despite September's fall, the trend in industrial production continued to point upwards with the annual average variation in industrial production rising from 3.4% in August to 5.4% in September, which marked the highest level since February 2008.
Author: Ricardo Aceves, Senior Economist