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German industrial output shrinks in September

German industrial output shrinks in September

Mubasher: German industrial output dropped in September, indicating that a critical sector of Europe’s biggest economy was still plunged in weakness.

Total industrial production, comprising output from manufacturers, energy and construction sectors, fell by 0.6% month-on-month last September, data released by the Federal Statistical Office (Destatis) showed on Thursday.

This reversed a gain of 0.4% in August, which was upwardly revised from the provisional estimate of 0.3%.

The fall came as factories also produced less capital, intermediate and consumer goods, with the three categories posting output declines of 1.5%, 1.3% and 0.5%.

However, energy production recorded a 2% drop during the month, while construction output fell by 1.8%.

On an annualised basis, industrial output still plunged by 4.3% in September, after a downwardly revised drop of 3.9%last August.

By 7:49 am GMT, the EUR/USD pair inched up by 0.07% to $1.1074.