German International Increasingly Horrified, Industrial Output Drops – Confident of Recession News – 4 hours ago

Jakarta, CNBC Indonesia – German industrial production fell more than expected in September, data showed Tuesday (7/11/2023). The decrease in orders has an impact on production.

Production fell in September by 1.4% compared to the previous month. Whereas previously, analysts surveyed by Reuters estimates a decline of 0.1%.

“In a less volatile quarter-on-quarter comparison, production in the third quarter of 2023 was 2.1% lower than in the second quarter,” the statistics office said.

After revisions to interim results, production fell 0.1% in August compared to July. This is less than 0.2% of the provisional figure.

“Germany’s industry-heavy economy relies on production to achieve reasonable levels of economic growth,” said VP Bank Chief Economist Thomas Gitzel, noting that industrial output this year was weak.

The release of another disappointing industrial production data not only suggests that third-quarter (Q3) GDP growth could be revised downwards. But also that the country will likely end the year in a technical recession.

“While there is no definitive data yet for the fourth quarter (Q4), recent developments clearly raise the risk that the German economy will end the year in recession,” said head of global macro at ING, Carsten Brzeski.

[Gambas:Video CNBC]

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