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German industrial production drops in September

November 7, 2013

BERLIN (AP) — Industrial production in Germany lost momentum in September across most sectors, according to official figures released Thursday.

But analysts said the drop should be short-lived as Europe’s biggest economy continues to do well compared to its neighbors.

The Federal Statistical Office reported that production of big-ticket items dropped 0.9 percent in September after an upwardly-revised 1.6 percent increase in August.

The drop was led by a 2.1 percent decline in the production of capital goods and a 1.8 percent drop in the construction sector, the agency said.

Analysts said the drop should be a one-off as industrial orders are on the rise and industrial production remains up 1 percent on the year.

In a sign that the German government expects the economy to remain strong for the rest of the year, the Finance Ministry revised up its estimated tax take for 2013 of 620.5 billion euros ($829.3 billion). That is 5.3 billion euros more than the government predicted in May.

Estimates for the years until 2018 were also revised upward.

Update hourly