German industrial output plunges

Frankfurt: German industrial production unexpectedly fell back in October, official data showed on Friday, adding to a gloomy outlook for Europe´s powerhouse economy as the slump in the country´s manufacturing sector shows no signs of abating.

Factory output tumbled by 1.7 percent month-on-month, federal statistics authority Destatis said, compared with a 0.6 percent drop in September. Analysts surveyed by Factset had predicted a slight jump in industrial production. The picture was even bleaker in a year-on-year comparison with output down 5.3 percent on October 2018 -- "which is the steepest year-on-year decline since 2009," said Capital Economics analyst Andrew Kenningham.