German companies kept their production almost stable in October.
(Photo: dpa)
Berlin Despite all the doomsday scenarios, production in German industry fell by just 0.4 percent in October compared to the previous month. This is shown by preliminary figures published by the Federal Statistical Office on Wednesday. Compared to the previous year, industrial production even increased by 0.8 percent.
As a result, a dichotomy in German industry is increasingly emerging. The high prices for gas and electricity are a burden for companies, but not all of them. Energy-intensive industries such as metal, chemicals or paper are reducing their operations significantly further than the economy as a whole. “This dichotomy will continue for some time,” expects Robin Jessen, business cycle researcher at the Leibniz Institute for Economic Research (RWI) in Essen.
The energy-intensive industry reduced its production in October by 3.6 percent compared to the previous month. That may not sound like much, but that’s because September saw a clear decline in the sectors mentioned.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue