German industrial output rises for the first time in 3 months

  • by Ahmed Mamdouh
  • October 8, 2019, 7:46 AM
  • 81 Views
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German industrial production rose for the first time in three months in August, yet uncertainty still surrounds the outlook of Europe’s biggest economy.

Industrial output edged up 0.3 percent in August, following a revised 0.4 percent drop in July, defying analysts’ estimates of a 0.2 percent fall.

However, the year-on-year output slumped 4 percent, lowering the chances of seeing recovery anytime soon.

The German economy is still suffering the blues of the U.S.-China trade war, global slowdown and Brexit uncertainty.

Data released on Monday showed that German factory orders plummeted 0.6 percent in August and were 6.7 percent down from a year ago.

Markit’s Manufacturing PMI recorded a contraction of 41.7 in September, the weakest level in 123 months.

As of 07:43 GMT, the euro traded higher versus the U.S. dollar at 1.0980, where it retreated the previous session after touching a high at 1.1000.

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