Germany’s industrial production growth accelerated at the start of the year ahead of the war in Ukraine, official data revealed Tuesday. <\/p>\n
Industrial output advanced 2.7 percent month-on-month, faster than the revised 1.1 percent increase seen in December, Destatis reported. Production was forecast to climb at a slower pace of 0.5 percent. <\/p>\n
On a yearly basis, industrial output grew 1.8 percent, in contrast to the 2.7 percent decline posted in the previous month.<\/p>\n
Compared with February 2020, the month before restrictions were imposed due to the corona pandemic in Germany, production was 3.0 percent lower in January.<\/p>\n
Excluding energy and construction, industrial production was up by 1.3 percent on month in January. <\/p>\n
Within industry, the production of consumer goods expanded 4.0 percent and capital goods by 1.2 percent. The production of intermediate goods climbed 0.3 percent.<\/p>\n
The mechanical engineering sector made a significant contribution to industrial production growth, while automotive and automotive parts posted a noticeable fall. <\/p>\n
Energy production decreased 0.1 percent. By contrast, construction output surged 10.1 percent, thanks to unusually mild weather in January.<\/p>\n