German Industrial Production Declines Unexpectedly
2024-12-02
1599
(fxcue news) - Germany's industrial output decreased unexpectedly in October on weak energy and auto production, darkening economic outlook, official data revealed on Friday.
Industrial output registered a 1.0 percent decrease in October, data from Destatis showed. The decline confounded expectations for an increase of 1.0 percent. Production was down by revised 2.0 percent in September.
On a yearly basis, industrial production slid 4.5 percent after a 4.3 percent fall.
The monthly fall was largely driven by the sharp 8.9 percent decrease in energy production. The automotive industry also made a negative contribution with output falling 1.9 percent.
Industrial production excluding energy and construction fell only 0.3 percent from September, data showed. On a yearly basis, production fell 4.5 percent in October.
By sectors, the production of consumer goods declined 1.0 percent and output of capital goods dropped 0.4 percent. By contrast, intermediate goods production gained 0.4 percent.
Outside industry, construction output remained at the level of the previous month.
Data released on Thursday showed that manufacturing new orders shrunk 1.5 percent in October on weaker domestic demand.
ING economist Carsten Brzeski said there is still no end in sight to the industrial slump in Germany as industrial production dropped once again in October.
Data showed a very weak start to the fourth quarter, increasing the risk of a winter recession in Germany, the economist added.
The International Monetary Fund forecast the German economy to remain flat this year and to expand 0.8 percent in 2025.
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