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German industrial output unexpectedly rises

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Christian Fernsby ▼ | October 8, 2019
German industry
Europe   German industry

German industrial production unexpectedly rose in August, according to figures released by Destatis on Tuesday.

Topics: German industrial

Industrial output increased 0.3% from July, beating expectations for a flat reading. Meanwhile, July's drop was revised up 0.4% from 0.6%.

On the year, industrial production was down 4% in August compared to a revised 3.9% drop in July, coming in better than consensus expectations for a 4.3% fall.

Production in industry was up 0.3% on the previous month on a price, seasonally and calendar adjusted basis.

Production in industry excluding energy and construction was up 0.7%, with the production of intermediate goods 1% higher and the production of capital goods up 1.1%.

The production of consumer goods showed a 1% fall. Outside industry, energy production was down 1.7% in August and the production in construction decreased 1.5%.

Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said the figures were "a bit better" but the third quarter as a whole was weak.

"Looking ahead, survey data suggest that growth in manufacturing will weaken further in the near term, though parts of the new orders data are more sanguine. Elsewhere, we are confident that construction remained under pressure through Q3, and we see little chance of a rebound until H1 next year. Meanwhile in energy, the sustained crash looks like mis-measurement thanks to an increasingly quick transition towards renewables that is not adequately captured by the headline energy index.


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