Industrial production in Germany registered a surprise drop for the month of October, though the Ministry of Economy forecasts an expansion in the coming months.
The figure unexpectedly fell 1.2% on the month, after a revised contraction of 0.7% in September. The consensus had been looking for a 0.8% rise.
The German Economy Ministry admitted that it was a ‘weak start’ to the fourth quarter, but noted that industry orders continued their upward trend and sentiment indicators signalled a growing confidence in the economy.
‘Therefore, the manufacturing sector is like to expand production in the coming months’, the Ministry said in the report.