Cold shower for Germany, which recorded a decline in September industrial production equal to 1,1% on the month (after -0,6% in August). The decline surprised analysts, who on average had expected a 0,5 percent increase.
The change on an annual basis recorded an increase of 0,2 percent. Manufacturing production recorded a monthly drop of 1,4% in September, that of construction a drop of 0,9 percent.
For Germany, therefore, the third quarter closed with a cyclical decline in industrial production of 0,3%, after the positive numbers of the first and second quarters (+0,5% and +0,2% respectively).
"After a growing first part of the year, German industry is now traveling against the wind, penalized by the slowdown in demand in the major emerging countries," wrote the German Economy Ministry, commenting on the negative numbers in September.
Of the opposite sign is the result recorded by Spain, which saw industrial production grow 4,4% year-on-year in September. This is the ninth consecutive month with the plus sign.
Above all, the production of capital goods was positive, rising by 12,8%, closing the fourth consecutive month of double-digit growth.
On a seasonally adjusted basis, production rose by 3,8% year on year in September, above estimates (+2,8%). In August, growth was 2,8%, revised upwards from the preliminary reading of 2,7%.
Month-on-month growth was 1,2%, compared to -1,4% in August.
