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German industrial output rises unexpectedly
German industrial production data shows a larger-than-expected increase in August, rising by 2% compared to July. This growth was primarily driven by a 9.3% monthly increase in the construction sector, with specialized construction activities and completions increasing by 13.1%. Conversely, automotive sector output declined by 5.4%, marking the second consecutive contraction, due to factory holidays that contributed to the drop in production. Despite gains in the construction and machinery sectors, the German economy remains fragile, especially as energy-intensive consumer industries continued to decline by 0.5% month-over-month, reflecting underlying weakness in the country's core economic growth.
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