Industrial production in Germany: Catastrophic decline!

The Federal Statistical Office has just published data on industrial production (production in the manufacturing sector) for the month of October. Compared to October 2018, it has declined by 5.3% (in the previous month it was -4.5%). Most of the major press publications pay attention to the monthly comparison, i.e. from September to October 2019. Here there is a strong drop of 1.7%, although a plus of 0.1% was expected. Yesterday we discussed the most recent new orders, which are also extremely weak at -5.5% year-on-year. So, the strong industrial recession continues full steam ahead.

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