Industrial production in Germany unexpectedly decreased by 0.4% in October

In October 2023, the volume of industrial production in Germany decreased by 0.4% compared to the previous month, according to data from the country's Federal Statistical Office Destatis. 

This figure was below the average forecasts of analysts, who expected an increase of 0.2%.

The rapid decline in industrial production has continued in Germany for five consecutive months. It is also worth noting that the data for September were revised: instead of the previously noted decrease of 1.4%, the level of industrial production has now decreased by 1.3%.

Read more by sector: output of capital goods decreased by 1% last month, intermediate goods – by 0.4%, output of consumer goods increased by 0.4%. Separately, it is worth noting a decrease in construction volumes by 2.2% compared to the previous month, while electricity generation increased by 7.1%.

Overall, the volume of industrial production in Germany in October 2023 was 3.5% lower than in October 2022, which indicates the difficulties faced by the industrial sector of this country.