Data published by the Federal Statistical Office (Destatis) showed that industrial production fell by 1.0% in October, slowing compared to September (-2.0%, revised from -2.5%). Economists had expected a 1.2% increase. In annual terms, industrial production fell by 4.5% after a 4.3% decline in September. Meanwhile, over the last three months (through October), industrial production fell by 0.4% compared to the previous three-month period.
Destatis said that the overall development in the industry in October was mainly influenced by energy production, which declined by 8.9% compared to September. The production decline of 1.9% registered in the automotive industry had a negative impact as well.
The production of capital goods fell by 0.4%, the production of intermediate goods increased by 0.4%, and the production of consumer goods decreased by 1%. Meanwhile, production in construction remained unchanged compared to September. Production in industry excluding energy and construction fell by 0.3% m/m and by 4.5% per annum. Production in energy-intensive industries fell by 0.9% compared to September and by 0.8% per annum. Meanwhile, over the last three months (through October), production in energy-intensive industrial branches was 4.0% lower than in the previous three-month period.