German sequential industrial production growth undershoots expectations in October

Germany’s industrial production undershot expectations in October. Sequentially, industrial output grew 0.3 percent on a price, seasonally and working day adjusted basis, showed the provisional data of the Federal Statistical Office (Destatis). In September the industrial output had dropped 1.6 percent. Consensus expectations were for the output to grow 0.8 percent in October.

Production in industry, excluding energy and construction, rose 0.1 percent in October. Within industry, capital goods production rose 0.5 percent, while the consumer goods production grew 0.1 percent. The production of intermediate goods indicates a drop of 0.5 percent. Production of energy declined 0.5 percent in October, whereas that of construction rose 1.7 percent in the month.

On a year-on-year basis, industrial production grew 1.2 percent in October, as compared with 1.3 percent year-on-year growth in September.