Significantly, exports slid by 1.7% in September, while imports rose by 2.1%, reflecting signs of improved domestic demand.
Industrial Production Falls but Factory Orders Rise
Industrial production figures from Germany presented a gloomy end to the third quarter, falling by 2.5% (in the previous month: +2.9%). Economists had expected production to decline by 1%.
German Economic Indicators Send Recession Signals
The industrial production and trade data reinforced expectations of a 0.2% annual economic contraction in 2024. However, September’s factory orders and October’s Manufacturing PMI offered a glimmer of hope, suggesting a potential bottoming out in the German economy.
The HCOB Manufacturing PMI increased from 40.6 in September to 43.0 in October. While manufacturing…
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