German industrial output records biggest monthly decline in eight years
Weaker output in manufacturing and construction was behind the decrease, but orders in these sectors indicate there may be a revival in coming months
Berlin — Weaker output in manufacturing and construction drove the biggest monthly drop in German industrial production in nearly eight years, data showed on Tuesday.
Industrial output fell by 3% on the month, data from the economy ministry showed. This was much weaker than the consensus forecast in a Reuters poll for a rise of 0.3% and the steepest drop since January 2009.
The fall was due to a 3.4% drop in manufacturing output and a 1.7% decrease in construction.
The November reading was revised up to a rise of 0.5% from a previously reported rise of 0.4%, helping quarterly output to decline by just 0.1%.
"Orders in manufacturing and construction and also sentiment indicators in these sectors are signalling a revival of output growth in coming months," the economy ministry said.