Germany: Industrial output grows at weakest rate in a year in March
Industrial output declined 3.4% in month-on-month terms in March, which contrasted February’s 2.1% increase. The outturn marked the worst reading since March 2022. March’s notable weakening was largely driven by a deterioration in the output of manufacturing, construction and mining and quarrying. Meanwhile, energy production gained pace.
On an annual basis, factory output rose 1.8% in March, which was better than February’s 0.7% expansion. Accordingly, the trend improved significantly, with the annual average variation of industrial production coming in at minus 0.4%, up from February’s minus 1.0%.