German industrial production rises 0.6% in September
German industrial production unexpectedly rose in September, according to federal statistics authority Destatis, beating market forecasts with a 0.6% month-on-month increase.
September's rise followed a downwardly revised 1.2% contraction in August and tripled market expectations for a 0.2% uptick. On an annual basis, Germany's industrial production was up 2.6% in September.
Production of consumer and capital goods improved 1.4% and 1.1%, respectively, while the output of intermediate goods, on the other hand, decreased 0.1% from a month earlier.
However, Destatis did warn that the "extreme shortage" of intermediate products was still weighing on industrial production.
"Enterprises still have difficulties completing their orders as supply chains are interrupted because of the war in Ukraine and distortions persist that have been caused by the Covid-19 crisis," said Destatis.
Reporting by Iain Gilbert at Sharecast.com