German Industrial Production Declines Unexpectedly In October
07 Dicembre 2017 - 07:58AM
RTTF2
Germany's industrial production dropped unexpectedly in October
driven by weakness across major sectors except energy.
Industrial production fell 1.4 percent month-on-month in
October, following a revised 0.9 percent drop in September, data
from Destatis showed Thursday.
This was the second straight decline in output. Production was
forecast to grow 0.9 percent.
Excluding energy and construction, industrial production
decreased 2.0 percent. Energy production advanced 5.1 percent,
while construction output decreased 1.3 percent.
Production of capital goods fell 2.7 percent and output of
consumer goods dropped 2.6 percent. At the same time, the
production of intermediate goods showed a decrease of 1.0
percent.
On a yearly basis, growth in industrial production eased to 2.7
percent from 4.1 percent in September. Economists had forecast a
faster growth of 4.3 percent.
Data released on Wednesday revealed an unexpected increase in
factory orders in October. Orders had increased 0.5 percent but
slower than September's 1.2 percent rise.
Since the trend in orders is clearly pointing upwards,
industrial production looks set to increase significantly again in
the coming months, Ralph Solveen, a Commerzbank analyst said.
Nonetheless, the weak start into the fourth quarter gives reason
to assume that at the end of the year real GDP expanded somewhat
more slowly than in the summer, the analyst added.
The economy ministry said favorable order situation and more
optimistic business expectations signal continuation of good
industrial momentum.
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