: German industrial production rose for second consecutive month in February

by | Apr 6, 2023 | Stock Market

Industrial production in Germany increased in February for a second consecutive month, suggesting resilience midway through the first quarter as supply-chain bottlenecks ease and energy prices normalize. Industrial output–comprising production in manufacturing, energy and construction–rose 2.0% in February compared with the previous month on a price, seasonally and calendar adjusted basis, easing from revised 3.7% increase in January, data from the German statistics office Destatis showed Thursday.

Economists polled by The Wall Street Journal expected industrial production to be unchanged over the month. German industrial production has risen a sharp 5.8% since December, and it is 0.6% above the levels seen a year earlier, Destatis said. Manufacturing output rose 2.4% in February on month, with most sectors posting gains. Production of motor vehicles and parts–Germany’s largest industrial sector–increased 7.6% compared with January, Destatis said. Production at energy-intensive industrial branches rose 1.9% on month, although it remained at subdued levels compared with the same month a year earlier. Construction output rose 1.5%, likely boosted by the mild winter weather. However, production of energy fell 1.1%, Destatis said. Germany’s manufacturing sector is benefiting from lower energy prices and easing supply-chain bottlenecks, but faces a clouded outlook as rapidly increasi …

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