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German industrial production slumps in November

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Staff Writer | Tuesday January 8, 2019 5:55AM ET
Germany factory
Europe   The year-over-year rate declined 4.7%

German industrial production unexpectedly dropped in November for the third consecutive month, according to figures released by Destatis on Tuesday, prompting concerns that the country may have entered a technical recession at the end of last year.


Industrial production fell 1.9% from October, when it declined by 0.8%, missing expectations for a 0.3% increase.

Meanwhile, the year-over-year rate declined 4.7% compared to a downwardly-revised 0.5% jump in October.

Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said production was hit by weakness across the board, but the 4.1% month-to-month drop in output of consumer goods did the main damage.

Production of capital and intermediate goods fell by 1.8% and 1.0%, respectively, and the weakness persisted outside core manufacturing too. In addition, production in the energy and construction sectors slipped by 3.1% and 1.7%, respectively.

 

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