German Industrial Production Expands First Time In 3 Months
07 Juin 2016 - 8:56AM
RTTF2
Germany's industrial production expanded for the first time in
three months in April, largely on capital goods output.
Industrial output grew by a bigger-than-expected 0.8 percent on
a monthly basis, reversing a revised 1.1 percent drop in March,
provisional data from Destatis showed Tuesday.
This was the first increase in three months. Production was
forecast to grow 0.7 percent. The monthly pace of decline for March
was revised from -1.3 percent.
On a yearly basis, growth in industrial output surged to 1.2
percent in April from 0.4 percent. The annual growth rate was
forecast to improve to 1 percent.
Bernd Weidensteiner at Commerzbank, said the production increase
in April was not strong enough to smooth out the dip which resulted
from the declines in February and March. There is much to suggest a
slower pace of growth for the German economy in spring, the analyst
added.
Industrial output will barely increase in the second quarter,
which would knock 0.5 percentage points off quarterly GDP growth
compared to the first quarter's 0.7 percent rise, Jennifer McKeown,
an economist at Capital Economics, said.
Data released on Monday revealed a contraction in factory orders
due to weak demand from non euro area economies. Industrial orders
slid 2 percent in April.
Industrial production excluding energy and construction advanced
1.1 percent. Within industry, energy production moved up 1.1
percent, while construction output fell 1.7 percent.
The production of capital goods climbed 2.2 percent and the
production of consumer goods by 0.4 percent. At the same time, the
production of intermediate goods remained at the same level of the
previous month.
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