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German Mar. Industrial Output Growth Exceeds Forecast

Germany's industrial output growth beat expectations in March with production across most of the major industrial groups improving, data from the Federal Ministry of Economy and Technology showed Tuesday.

The seasonally adjusted industrial output rose 2.8 percent month-on-month in March following a 0.3 percent decline in February. Economists expected a 0.8 percent increase.

The most significant improvement was recorded in production of consumer goods industry, which rose 3 percent from a month earlier. Capital goods production increased 2 percent, while growth in intermediate goods industry remained subdued at 0.3 percent.

Construction sector recorded an exceptionally strong output growth of 30.7 percent in March, offsetting February's weather related slump. On the other hand, output of energy industry fell 1.8 percent month-on-month in March.

On a yearly basis, industrial production improved unexpectedly by an adjusted 1.6 percent, following a flat reading in February. Expectations were for a 1.2 percent fall.

Meanwhile, unadjusted industrial output fell 0.4 percent annually after a 2.2 percent gain in the previous month.

by RTTNews Staff Writer

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