Germany: Industrial output expands for third consecutive month
March 7, 2014
In January, industrial production increased 0.8% over the previous month in seasonally-adjusted terms, which marked a third consecutive month of expansion. The reading was up from the revised 0.1% increase recorded in December (previously reported: -0.7% month-on-month) and was in line with market expectations. January's increase was driven by higher manufacturing production, a notable improvement in mining and quarrying, and an expansion in construction. Compared to the same month last year, growth in industrial production accelerated from a revised 3.4% increase in December (previously reported: +2.6% year-on-year) to a 5.0% expansion in January. Annual average growth in industrial production improved from a flat reading in December to 0.7% in January. Forecasters polled by FocusEconomics expect that industrial production will expand 2.8% in 2014, which is up 0.3 percentage points from last month's forecast. For 2015, the panel sees industrial production continue growing by 2.8%.
Author: Ricardo Aceves, Senior Economist