German industrial production down 0.4% MoM, 3.5% YoY in Oct 2023

Industrial production, therefore, fell for the fifth month in succession.

The less volatile three-month on three-month comparison showed that production was 1.9 per cent lower in the August-October period.

Revised results show production decreased by 1.3 per cent MoM in September this year.

The October decline is largely attributable to the performance of the machinery and equipment sector, in which production was down by 6.3 per cent MoM after seasonal and calendar adjustment. In September, it had increased by 3.9 per cent MoM.

Production also declined in many other economic sectors in October, Destatis said in a release.

Production in energy-intensive industrial branches declined by 1.4 per cent MoM in October, after elimination of seasonal and calendar effects. The three-month on three-month comparison showed that production in these industrial branches was 0.9 per cent lower in the period from August to October 2023 than in the previous three months. Such production was down by 7.1 per cent YoY in October.

ALCHEMPro News Desk (DS)