Germany's industrial output rebounds exceeding estimates in January

ANKARA

Germany’s industrial output surged 3.4% month-on-month in January, exceeding economists' expectations, according to official data released on Wednesday.

The figure improved from an upwardly revised 2.4% contraction in December 2022, German statistical authority Destatis said in a statement.

The market estimated industrial production would grow 1.4% from a month ago in January.

The strong monthly hike in the main reading was driven in particular by strong growth in the manufacture of electronic equipment (up 7.1% on the prior month) and the manufacture of chemicals and chemical products (up 9.8%).

On the other hand, the manufacture of motor vehicles, trailers and semi-trailers fell 5.2% and the manufacture of basic pharmaceutical products and pharmaceutical preparations dove 12.9%, two important sectors of German industry.

Production of consumer and capital goods slipped 1.8% and 0.6%, respectively, compared to a month earlier.

Output of intermediate goods, on the other hand, surged 6.9% from December 2022

On an annual basis, Germany’s industrial production fell 1.6% in January.