Germany's industrial output falls more than expected

By Tuba Ongun

ANKARA (AA) – Germany’s industrial output decreased more than market estimates in September, according to official data released on Thursday.

Production in industry dropped 2.5% on a monthly basis in September, shifting from a downwardly revised 2.6% hike in August, German statistical authority Destatis said in a statement.

The market forecast for September was a 1% monthly decline.

The deterioration was mainly led by a significant decline in the automotive industry with 7.8% month-on-month in September, following an increase of 15.4% in August.

"The significant fluctuations observed in the automotive industry had a serious impact on the overall development of production in the past months," the statement read.

The production dropped in the chemical industry by 4.3% and also weighed on overall performance in September.

By contrast, production in the manufacture of machinery and equipment rose by 1.7% during the same period.

On an annual basis, Germany’s industrial production shrank 4.6% in September, falling faster from a 3% decrease in August.