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Financial News: Germany's Industrial Production Drops In December

Germany's Industrial Production Drops In December

02/07/2018 - 03:24:00 (RTTNews)

(RTTNews) - Germany's industrial production declined in December but the momentum was strong throughout the year 2017.

Industrial output slid 0.6 percent month-on-month in December, in contrast to a revised 3.1 percent rise in November, data from Destatis showed Wednesday. Output was forecast to drop 0.5 percent.

Excluding energy and construction, production decreased 0.7 percent. Energy production grew 1.4 percent in December, while construction output fell 1.7 percent.

Production of capital and consumer goods dropped 2.6 percent and 0.5 percent, respectively. Meanwhile, production of intermediate goods showed an increase by 1.5 percent.

On a yearly basis, industrial production expanded at a faster pace of 6.5 percent after rising 5.5 percent, but slightly weaker than the expected 6.8 percent.

The economy ministry said industrial production was very dynamic in the course of 2017 but lost some momentum lately.

Nonetheless, output is clearly up and with the strong order intake in December and good sentiment, strong industrial activity is expected over the coming months, the ministry added.

In view of the significant increase in the previous month, the decline in December can hardly come as a surprise, and the recent sharp rise in orders and the good mood among companies point to a further increase in production in the coming months, Ralph Solveen, an analyst at Commerzbank, said. Data released on Tuesday showed that factory orders rebounded 3.8 percent in December, following a 0.1 percent drop in November.

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