Carsten Brzeski, Chief Economist at ING, notes that Germany’s industrial production increased by 0.2% month-on-month in September, from a slightly upwardly revised 0.1% MoM in August.
“On the year, industrial production was up by 0.8%. Growth was mainly driven by stronger production of investment goods. Also, production in the energy and construction sector improved.”
“The increase in the construction sector is particularly noteworthy as it is one of the few sectors which seems to have contributed positively to overall GDP growth in the third quarter.”
“Stagnation at a very high level. This is the characterisation of Germany’s industrial performance this year.”