FOREX TradingCharts.com

Financial News: German Industrial Output Falls; Exports Continue To Rise

German Industrial Output Falls; Exports Continue To Rise

04/09/2021 - 07:44:00 (RTTNews)

(RTTNews) - Germany's industrial production decreased unexpectedly in February mainly due to the weak capital goods output, figures from Destatis revealed on Friday.

Separate data showed that exports continued to rise in February but the pace of growth slowed amid a rebound in imports resulting in a fall in trade surplus.

Industrial output dropped 1.6 percent month-on-month in February, while economists had forecast an increase of 1.5 percent. Production had decreased 2 percent in January.

Excluding energy and construction, industrial output was down by 1.8 percent from the previous month.

The unexpected fall in industrial production in February means that German GDP will almost certainly have contracted in the first quarter, Andrew Kenningham, an economist at Capital Economics, said.

With severe restrictions likely to remain in place until well into the second quarter, a sustained recovery is unlikely until the second half of the year, the economist added.

Within industry, the production of capital goods dropped 3.2 percent and that of intermediate goods by 1.0 percent. On the other hand, consumer goods output grew 0.2 percent.

Outside industry, energy production was down by 1.0 percent and construction output decreased 1.3 percent.

The economy ministry said that the improvement in the ifo business confidence as well as the positive development in incoming orders are in favor of a positive outlook for the industrial economy in the coming months.

However, the ministry said uncertainties remain due to the further development of the pandemic.

Separate data from Destatis showed that exports increased 0.9 percent on month, but slower than the 1.6 percent rise in January. This was also slightly weaker than the economists' forecast of 1 percent.

Meanwhile, imports rebounded 3.6 percent after falling 3.5 percent in January. Economists had forecast a moderate growth of 2.4 percent for February.

The trade surplus fell to a seasonally adjusted about EUR 19.2 billion from EUR 21.3 billion a month ago. The expected level was EUR 20 billion.

Year-on-year, exports slid 1.2 percent, following a 7.9 percent decrease in January. Imports were up 0.9 percent versus a 9.2 percent fall a month ago.

The trade surplus totaled unadjusted EUR 18.1 billion compared to EUR 20.3 billion in the same period last year.

The current account surplus declined to EUR 18.8 billion from EUR 21.6 billion in the last year.

Germany's exports to the UK dropped by 12.2 percent and imports from the UK were down 26.9 percent.

Shipments to China rose by 25.7 in February. Most imports to Germany came from the China. Imports surged 32.5 percent. Meanwhile, exports to the United States fell by 0.6 percent and imports from the US declined 12.6 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


New Zealand Service Sector Accelerates In April - BusinessNZ (01 hr(s), 04 min(s), 19 sec(s) ago)
(RTTNews) - The services sector in New Zealand continued to expand in April, and at a faster pace, ...Full Story»

China Data On Tap For Monday (01 hr(s), 45 min(s), 19 sec(s) ago)
(RTTNews) - China is scheduled to release a raft of data on Monday, headlining a busy day for Asia ...Full Story»

ECB Minutes Signal June Review Of Economic Outlook, Stimulus (07 hr(s), 48 min(s), 19 sec(s) ago)
(RTTNews) - Policymakers are looking forward to review the Eurozone economic and inflation outlook ...Full Story»

U.S. Consumer Sentiment Unexpectedly Deteriorates In May (08 hr(s), 28 min(s), 19 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. has unexpectedly decreased in the month of May, accordi ...Full Story»

U.S. Business Inventories Increase In Line With Estimates In March (08 hr(s), 36 min(s), 19 sec(s) ago)
(RTTNews) - The Commerce Department released a report on Friday showing business inventories in th ...Full Story»

U.S. Industrial Production Climbs Less Than Expected In April (08 hr(s), 58 min(s), 19 sec(s) ago)
(RTTNews) - Industrial production in the U.S. increased by less than expected in the month of Apri ...Full Story»

U.S. Import Prices Climb 0.7% In April, Slightly More Than Expected (10 hr(s), 05 min(s), 19 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Friday showed U.S. import prices increase ...Full Story»

U.S. Retail Sales Unchanged In April After Soaring In March (10 hr(s), 33 min(s), 19 sec(s) ago)
(RTTNews) - After reporting a sharp increase in U.S. retail sales in the previous month, the Comme ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

New Zealand Service Sector Accelerates In April - BusinessNZ

05/16/2021 - 18:42 PM (RTTNews)
(RTTNews) - The services sector in New Zealand continued to expand in April, and at a faster pace, ...Full Story>>

China Data On Tap For Monday

05/16/2021 - 18:01 PM (RTTNews)
(RTTNews) - China is scheduled to release a raft of data on Monday, headlining a busy day for Asia ...Full Story>>

ECB Minutes Signal June Review Of Economic Outlook, Stimulus

05/14/2021 - 11:58 AM (RTTNews)
(RTTNews) - Policymakers are looking forward to review the Eurozone economic and inflation outlook ...Full Story>>

U.S. Consumer Sentiment Unexpectedly Deteriorates In May

05/14/2021 - 11:18 AM (RTTNews)
(RTTNews) - Consumer sentiment in the U.S. has unexpectedly decreased in the month of May, accordi ...Full Story>>

U.S. Business Inventories Increase In Line With Estimates In March

05/14/2021 - 11:10 AM (RTTNews)
(RTTNews) - The Commerce Department released a report on Friday showing business inventories in th ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.