Germany: Industrial production rebounds in November on manufacturing
January 9, 2014
In November 2013, industrial production expanded a healthy 1.9% over the previous month in seasonally-adjusted terms. The reading contrasted the 1.2% contraction registered in October and overshot the 1.5% increase the market had expected. The expansion was driven solely by higher manufacturing production.
Compared to the same month of the previous year, industrial output increased 3.5% in November 2013, which marks the highest increase in two years. The result came in above the revised 1.1% expansion recorded in October (previously reported: +1.0% year-on-year). As a result of the strong annual figure, the trend continues to point upward with the annual average variation in industrial production rising from minus 0.9% in October to minus 0.4% in November.
Forecasters polled by FocusEconomics expect that industrial production will expand 0.3% in 2014, which is down 0.4 percentage points from last month's forecast. For 2015, the panel sees industrial production accelerating to a 2.5% expansion.
Author: Ricardo Aceves, Senior Economist