Germany’s industrial production posts unexpected declines in November

ISTANBUL

Germany’s industrial production registered monthly and yearly declines in November 2023, frustrating markets’ expectations of positive results.

Industrial production was down 0.7% month-on-month in November, and 4.8% year-on-year, marking the sixth consecutive month of decline, the country’s federal statistical bureau Destatis announced on Tuesday.

Industrial production in October also saw a decline of 0.3% on a monthly basis, and 3.4% year-on-year.

“In November 2023, production in industry excluding energy and construction was down 0.5% from October 2023 after seasonal and calendar adjustment,” said Destatis.

In the same month, the production of capital goods lost 0.7%, intermediate goods 0.5%, and consumer goods 0.1%, it added.

However, November saw an increase of 3.9% in energy production.

“Production in construction dropped by 2.9% from the previous month,” according to the statistical bureau.