German Industrial Production Growth Improves
Germany’s industrial production growth improved in October, data released by Destatis showed Monday.
Industrial production climbed 3.2 percent month-on-month, faster than the 2.3 percent rise in September. Economists had forecast the monthly growth to ease to 1.6 percent in October.
Compared with February 2020, the month before restrictions were imposed due to the corona pandemic in Germany, production in October was 4.9 percent lower.
Excluding energy and construction, production gained 3.3 percent from September. Energy production was up 4.0 percent in October and construction output increased 1.6 percent.
On a yearly basis, industrial output fell 3 percent, but slower than the revised 6.7 percent decrease posted in September.