Industrial production showed a solid rebound in October in Germany, official data showed Tuesday, suggesting that the recovery in the manufacturing sector is gaining momentum.
Industrial production of the economic powerhouse of the eurozone up 2.8% month-on-monthsaid the federal statistical authority Destatis in figures adjusted for seasonal and calendar effects, versus an expected 0.8% increase and the -1.1% seen the previous month.
In annualized terms, German industrial production fell 0.6% in October compared to the + 8.8% forecast and a decrease of 1.0% registered in September.
About German industrial production
Industrial production published by the Statistisches Bundesamt Deutschland measures the production of German mines and factories. Changes in industrial production are closely followed by the market as an important indicator of the strength of the manufacturing sector. A reading higher than anticipated by experts is bullish for the euro, while a lower result is bearish.
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