German industrial output falls in August, spurring recession fears
© Reuters. FILE PHOTO: A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo
The further drop in German industrial production in August was better than it looked as it was driven by volatile components, said Franziska Palmas, senior Europe economist at Capital Economics. The statistics office revised July production data to a 0.6% decline month-on-month, compared with a provisional figure of a 0.8% drop.
By contrast, production growth in the automotive industry had a positive impact, posting a 7.6% expansion on the month. "Thin order books despite last week's increase, and high inventories all indicate that German industrial production will continue moving sideways rather than gaining momentum anytime soon," ING's global head of macro Carsten Brzeski said.
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