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- German industrial production rose sharply in October
German industrial production rose sharply in October
According to the report from the Federal Statistical Office (Destatis), in October 2020, production in industry was up by 3.2% on the previous month on a price, seasonally and calendar adjusted basis. Economists had expected a 1.6% increase. Compared with October 2019, the decrease in calendar adjusted production in industry amounted to 3.0%.
Compared with February 2020, the month before restrictions were imposed due to the corona pandemic in Germany, production in October 2020 was 4.9% lower in seasonally and calendar adjusted terms. Production in the automotive industry - the largest branch of manufacturing - rose by 9.9% on the previous month in October. It was by just under 6% below the level of February 2020.
In October 2020, production in industry excluding energy and construction was up by 3.3%. Within industry, the production of intermediate goods showed an increase by 4.0% and the production of capital goods by 5.2%. The production of consumer goods decreased by 2.4%. Outside industry, energy production was up by 4.0% in October 2020 and the production in construction increased by 1.6%.
In September 2020, the corrected figure on the production in industry shows an increase of 2.3% (provisional: +1.6%) from August 2020.
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