German Industrial Output Posts Stronger-Than-Expected Growth
(RTTNews) - Germany's industrial production growth accelerated unexpectedly in October, strengthening hopes for an economic recovery.
Industrial output logged a monthly growth of 1.8 percent in October after posting a revised 1.1 percent rise in September, Destatis reported Monday.
Economists were expecting the growth to ease sharply to 0.2 percent from September's initially estimated rise of 1.3 percent.
In three months to October, industrial production was 1.5 percent lower than in the previous three months.
On a yearly basis, industrial production gained 0.8 percent, in contrast to the 1.4 percent decrease in September.
Excluding energy and construction, industrial production grew 1.5 percent from September but was down 0.1 percent from the previous year.
Within industry, capital goods and consumer goods output gained 2.1 percent each. Meanwhile, production of intermediate goods rose only 0.6 percent.
Production of machinery and equipment as well as computer, electronic and optical products made positive contribution to growth, while auto production declined and had a negative impact.
Outside industry, construction output advanced 3.3 percent and energy production moved up 1.4 percent.
The second consecutive monthly increase suggests that industrial production has finally reached a period of bottoming out, ING economist Carsten Brzeski said.
Although it is not easy to solve the structural challenges, there are at least tentative signs of a bottoming out, he said. Nonetheless, all signs are still very tentative and weak, Brzeski added.
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