Economy

Germany's industrial output unexpectedly declines in October

Production in industry drops 1% month-on-month, defying growth expectations

Tuba Onğun  | 06.12.2024 - Update : 06.12.2024
Germany's industrial output unexpectedly declines in October

ANKARA 

Germany’s industrial output surprisingly fell in October compared to a month ago, according to official data released on Friday.

Production in industry dropped 1% month-on-month in October, easing from September's upwardly revised 2% decline, German statistical authority Destatis said in a statement.

The figure bucked market expectations of a 1% growth for the month.

The deterioration was mainly driven by a steep decline in the energy production with 8.9% from a month ago.

The production decline of 1.9% in the automotive industry had a negative impact as well.

On a yearly basis, industrial production dipped 4.5% in October, accelerating from a 4.3% decrease in September.

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