According to the report from the Federal Statistical Office (Destatis), in October, German industrial production jumped by 2.8% after falling by 0.5% in September (revised from -1.1%). Economists had expected a 0.8% increase. Meanwhile, in annual terms, the decline in industrial production accelerated to 0.6% compared to -0.4% in September. Compared to February 2020 (before the outbreak of the pandemic), industrial production decreased by 6.5%.
The data also showed that in October, basic industrial production - excluding energy and construction - increased by 3.2% compared to September. The production of capital goods increased by 8.2%, while the production of cars, trailers and semi-trailers increased by 12.6%. Meanwhile, a drop in production was recorded in the intermediate goods sector (-0.4%) and in consumer goods (-0.1%). Meanwhile, energy production increased by 0.9% compared to September.