German Industrial Production Recovers In September
(RTTNews) - Germany's industrial production recovered in September driven by the rebound in the auto industry, official data revealed on Thursday.
Industrial output expanded 1.3 percent from August, when it was down 3.7 percent, Destatis reported. Economists had forecast a monthly growth of 3.0 percent.
Year-on-year, industrial production logged a slower decline of 1.0 percent, following a 3.6 percent decrease in August.
Excluding energy and construction, industrial production was up 1.9 percent from August.
All three major groups within the industry expanded in September. Capital goods output rose 3.8 percent and both consumer and intermediate goods production rose 0.2 percent each.
Outside industry, energy production climbed 1.3 percent, while construction output dropped 0.9 percent.
The sharp recovery in the automotive industry was the major factor that contributed to the growth in industrial production. Output in the automotive industry surged 12.3 percent, after plant closures led to a 16.7 percent decline in August.
Although industrial production rebounded in September, it was too weak to mark any turnaround, ING economist Carsten Brzeski said.
"... even with some cyclical rebound in the making, structural weaknesses will put a lid on German industrial production for a while," the economist added.
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