Germany: Industrial production expands more than expected
May 8, 2012
In March, industrial production expanded 2.8% over the previous month in seasonally adjusted terms. The figure contrasted the revised 0.3% contraction observed in February (previously reported: -1.3% month-on-month) and more than tripled marked expectations, which had expected industrial output adding only 0.8%. The stronger-than-expected increase was broad-based, with positive developments in all the major sub-categories of the index. In fact, only energy supply recorded a contraction over the previous month. In annual working-day adjusted terms, industrial production accelerated from a revised flat figure in February (previously reported: -1.0% year-on-year) to a 1.6% expansion in March, the fastest growth rate since November 2011. Despite the March acceleration, the trend continues to point downwards, with annual average growth falling from 5.9% in February to 5.0% in March.
Author: Ricardo Aceves, Senior Economist