German industrial production rises more than expected in October

(Sharecast News) - German industrial production rose more than expected in October, according to figures released by Destatis on Monday. Industrial production grew 1.8% on the month following a downwardly-revised 1.1% increase in September, coming in above expectations for a 0.4% rise.

On the year, production was up 0.8% in October following a 1.4% decline the month before.

Production in the construction industry rose 3.3% on the previous month, while output in the manufacture of machinery and equipment was 2.8% higher and the manufacture of computer, electronic and optical products saw a 3.9% jump. The automotive industry saw a 1.3% drop in production.

Production in industry excluding energy and construction was up 1.5% from September. Within this, increases were reported in all three major groups, with the production of capital goods and consumer goods both up 2.1% and output of intermediate goods 0.6% higher.

Outside industry, energy production rose by 1.4%.

Carsten Brzeski, global head of macro at ING, said: "It's the first time since early 2024 that German industrial production increased for two consecutive months - an almost forgotten phenomenon."

He said this suggests that industrial production "has finally reached a period of bottoming out".