Germany: Decline in industrial activity softens in October
Industrial output decreased 0.4% in month-on-month terms in October, which was a less pronounced contraction than September’s 1.3% decrease. October’s softer drop was largely due to a softer fall in manufacturing production. In contrast, mining and quarrying output decelerated. Lastly, construction sector production dropped at a sharper rate, while energy production gained momentum.
On an annual basis, industrial production fell at a more moderate rate of 3.5% in October (September: -3.6% yoy). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.2%, down from September’s minus 0.9% reading.