Germany's Industrial Production Decreased for the First Time in Three Months in October
The volume of industrial output in Germany dropped unexpectedly in October, highlighting the fragility of Europe’s largest economy as it headed into the final quarter. The Statistics Office reported, that industrial output fell by 0.5% in October, missing the forecast for an increase of 0.3%. The latest fall was the first since a 1% slump in July.
On an annualized basis, German industrial production rose 1.6% in October after a 0.7% gain in September. Economists had expected a 2.1% rise. The figure for September was revised down to a rise of 0.1% from a previously reported a 0.2% gain.
It was also reported, that production of consumer goods dropped 3.2%, while output of capital goods grew 0.3%. Intermediate goods output rose 0.2%. Excluding construction and energy, industrial production decreased 0.4% in October from the previous month. Energy output dropped 3.2% and construction fell 0.3%.