Germany: Industrial output expands more than expected in February
April 8, 2013
In February, industrial production grew 0.5% over the previous month in seasonally adjusted terms. The reading contrasted the revised 0.6% drop registered in January (previously reported: 0.0% month-on-month) and exceeded market expectations that had industrial output rising 0.3%. The monthly expansion reflected a rebound in manufacturing as well as in mining and quarrying, and a notable improvement in electricity and energy supply.
Compared to the same month last year, however, industrial production declined 1.8% in working-day adjusted terms in February, which, nonetheless, came in above the 2.6% drop observed in January.
As a result, the trend continues to point downwards, with annual average variation in factory output falling from minus 0.7% in January to minus 0.9% in February.
FocusEconomics Consensus Forecast panellists expect industrial production to contract 0.2% in 2013, which is up 0.5 percentage points from last month's forecast. For 2014, the panel sees industrial production growing 2.9%.
Author: Ricardo Aceves, Senior Economist