German Industrial Output Falls Most Since 2015
06 Avril 2018 - 10:33AM
RTTF2
Germany's industrial production declined at the fastest pace in
two-and-a-half years in February largely on weak construction
activity.
Industrial output dropped 1.6 percent month-on-month in
February, in contrast to a revised 0.1 percent rise seen in
January, data from Destatis showed Friday. Output was expected to
climb 0.3 percent.
This was the biggest decline since August 2015, when output fell
1.7 percent.
On a yearly basis, industrial production grew at a slower pace
of 2.6 percent in February after rising 6.3 percent in January.
Economists had forecast 4.4 percent expansion for February.
Production in industry excluding energy and construction
decreased 2.0 percent.
Within industry, energy production grew 4 percent, while
construction dropped 2.2 percent. The production of capital goods
slid 3.1 percent and that of consumer goods by 1.5 percent.
Similarly, intermediate goods output showed a 0.7 percent fall.
Order book situation and the positive mood among companies
suggest that the industrial economy will continue to move upwards,
the economy ministry said. However, growth momentum is likely to be
weaker than in the previous year.
Ralph Solveen, an analyst at Commerzbank, said he expects a
lower dynamic in the coming quarters as well. However, this is
hardly the end of the upswing.
The European Central Bank's expansionary monetary policy
continues to stimulate the economy, Solveen added.
Elsewhere, the Purchasing Managers' survey for construction
showed that the sector contracted for the first time in more than
three years in March due to colder-than-usual weather.
The IHS Markit construction PMI fell to 47.0 in March from 52.7
in February. The contraction was followed by particularly strong
growth in January, when the PMI had hit an 82-month high.
Nonetheless, constructors remained highly confident about the
outlook for activity over the next 12 months, citing a strong
pipeline of new orders.
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