Germany's industrial production increased at a significantly faster rate in March, contrary to expectations for a modest decline, latest data showed Wednesday.
Industrial production increased a seasonally adjusted 1.2 percent sequentially in March, after gaining a revised 0.6 percent in February, data released by the Ministry of Economics and Technology showed Wednesday. Economists had forecast output to edge down 0.1 percent, following the previous month's originally reported 0.5 percent gain.
The increase in overall production reflected a 2.1 percent rise in capital goods production and 0.6 percent growth in output in the intermediate goods industry. Consumer goods output was higher by 1 percent than in February.
On an yearly basis, industrial production decreased 2.5 percent during the month, faster than February's revised 1.7 percent fall. The rate of contraction was forecast to accelerate to 3.8 percent from 1.8 percent originally reported for the previous month.
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