Industrial production in Germany declined 0.4% on a monthly basis in October, the country's Federal Statistical Office Destatis said in a provisional report released on Thursday. Output in the industry was 3.5% down in comparison to October 2022.
The downward movement was primarily driven by a decrease of 6.3% in the manufacture of machinery and equipment sector, followed by a 2.2% production in construction drop on a monthly basis. By contrast, production in the automotive sector improved by 0.7%.
After taking into account seasonal and calendar adjustments, outside the industry, a 7.1% increase in energy production was observed compared to the previous month.
