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Financial News: German Industrial Production Growth Tops Expectations

German Industrial Production Growth Tops Expectations

06/08/2017 - 08:19:00 (RTTNews)

(RTTNews) - Germany's industrial production recovered in April largely driven by energy output, figures from Destatis showed Thursday.

Production advanced 0.8 percent in April from March, when it dropped by revised 0.1 percent. The pace of growth was also faster than the expected 0.5 percent.

Excluding energy and construction, industrial output gained 0.4 percent. Energy production advanced 5.7 percent in April, while construction output decreased 0.1 percent.

At the same time, output of capital goods grew 0.3 percent and that of intermediate goods moved up 1 percent.

On a yearly basis, growth in industrial output increased to 2.9 percent in April from 2.2 percent in March. Production was forecast to grow 2.1 percent.

The German economic recovery has entered its ninth year and there are no signs that this recovery could come to an abrupt halt, Carsten Brzeski, an economist at ING DiBa said.

Today's industrial production data have not only confirmed this growth picture but actually provide further evidence that this recovery could gain even more momentum, Brzeski added.

The economy ministry said the trend in industrial production remains upwards. The positive developments in orders, sales as well as excellent business climate suggest a continued upturn in manufacturing and construction.

Official data released on Wednesday showed that factory orders dropped 2.1 percent on a monthly basis in April, reversing a 1.1 percent rise in March.

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