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6 Nov 2015
More headwinds: Disappointing IP doesn't bode well for German Q3 GDP - ING
FXStreet (Delhi) – Carsten Brzeski, Research Analyst at ING, notes that the German industrial production disappointed in September, adding to evidence that the Chinese and emerging market slowdowns are also leaving their marks on the Eurozone’s largest economy.
Key Quotes
“Industrial production dropped by 1.1% MoM in September, from an upwardly revised decline of 0.6% in August. On the year, industrial production is now only up by 0.2%. Looking at the details, the weakening in industrial production was driven by almost all sectors, with an outstanding drop of 3.2% MoM in consumer goods.”
“Even the stronghold of the industry, the construction sector, dropped by 0.9% in September. The summer weakness of the German industry seems to be more substantial than only a vacation-driven soft spell.”
Key Quotes
“Industrial production dropped by 1.1% MoM in September, from an upwardly revised decline of 0.6% in August. On the year, industrial production is now only up by 0.2%. Looking at the details, the weakening in industrial production was driven by almost all sectors, with an outstanding drop of 3.2% MoM in consumer goods.”
“Even the stronghold of the industry, the construction sector, dropped by 0.9% in September. The summer weakness of the German industry seems to be more substantial than only a vacation-driven soft spell.”