Germany: Industrial output growth exceeds expectations in November
In November, industrial production rebounded and jumped 3.4% from the previous month in seasonally- and working-day adjusted terms; the result sharply contrasted the previous month’s revised 1.2% contraction (previously reported: -1.4% month-on-month). The result easily beat market expectations of a 1.8% expansion and marked the quickest pace of expansion since September 2009.
The result was sufficiently broad-based as all but one sector rebounded from the previous month’s poor performance. The manufacturing sector rebounded strongly, expanding 4.3% in November (October: -1.9% month-on-month). The energy sector, however, contracted a sharp 3.9% (October: +6.8% month-on-month).
Compared to the same month of the previous year, industrial production output growth was 5.6% in November, up from the revised 2.8% increase in October (previously reported: +2.7% year-on-year). Meanwhile, annual average growth in industrial production inched up from the revised 2.7% in October (previously reported: 2.6%) to 2.9% in November.