{"id":125881,"date":"2022-03-08T22:01:16","date_gmt":"2022-03-08T22:01:16","guid":{"rendered":"https:\/\/fin2me.com\/?p=125881"},"modified":"2022-03-08T22:01:16","modified_gmt":"2022-03-08T22:01:16","slug":"german-industrial-output-growth-improves-in-january","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/german-industrial-output-growth-improves-in-january\/","title":{"rendered":"German Industrial Output Growth Improves In January"},"content":{"rendered":"

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

The economy<\/span> ministry said the economic revival is likely to be slowed down by the consequences of the Russian invasion of Ukraine.<\/p>\n

It is currently uncertain to what extent the resulting bottlenecks in raw materials and intermediate products will affect production, the ministry said. This could result in a delay in the processing of the companies’ currently high order backlogs.<\/p>\n

The end of Covid restrictions, improving supply chains and filled order books were the ingredients for such a rebound; only inflation was a threat, Carsten Brzeski, an ING economist said. But the war in Ukraine has changed everything.<\/p>\n

Data released on Monday showed that industrial orders grew 1.8 percent in January underpinned by robust foreign demand and retail sales advanced 10.3 percent year-on-year, driven by non-food turnover. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Germany’s industrial production growth accelerated at the start of the year ahead of the war in Ukraine, official data revealed Tuesday. 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