The total volume of industrial production in Germany in October decreased by 0.4 per cent compared to the September level. The indicator has been declining for five months. This was reported by Bloomberg agency with reference to the data of analysts of the Federal Statistical Office of Germany (Destatis).
According to Bloomberg, the official data on the dynamics of industrial production in Germany turned out to be much worse than economists’ expectations. Experts calculated that in October the indicator in Germany, on the contrary, will grow by 0.2 per cent after a four-month decline.
The output of means of production in October decreased by 1 per cent, intermediate goods – by 0.4 per cent, while consumer goods – increased by 0.4 per cent. Construction output fell 2.2 per cent from the previous month, while electricity generation rose 7.1 per cent. German industrial production was 3.5% lower than in October 2022.
Experts attribute the ongoing industrial decline to high energy prices, on which the performance of local companies largely depends. Another important reason is the low rate of recovery of external demand for German products.
The Agency notes that one of the main drivers of the decline in industrial production in Germany were also the continuing problems in the engineering sector. Total output for October in this industry fell by a total of 13.5 per cent compared to September. Demand for production orders in Germany decreased by 3.7 per cent in monthly terms.
Recall, earlier Russian President Vladimir Putin criticised the attempts of the European Union countries to completely abandon Russian energy carriers, while the entire Western economy is at “ground zero”.