Germany Records 3.2% Gains in Production in October but Remains below the Pre-crisis Level

Germany recorded a 3.2% rise in production in October but remained below 5% recorded before the pandemic struck, according to Destatis press release. October’s production was higher than 3.0% recorded in the same month the previous year.

• Production in the automobile industry, the largest in manufacturing, rose by 9.9% in October and was just under 6% below the level reached in February 2020
• Production in industry, excluding energy and construction, rose by 3.3%.
• Within industry, the production of intermediate goods rose by 4.0%, capital goods up by 5.2%, while consumer goods production fell by 2.4%.
• Outside industry, energy production rose by 4.0% while construction was up 1.6%

German stocks are currently declining as the Euro gains. DAX is down 0.45%, EURUSD is up 0.21%