German industrial output rises
Frankfurt, Germany (AHN) – Germany posted a surprisingly robust industrial output figures for March.
With much of the rest of the eurozone apparently falling back into recession, Europe’s economic engine boosted its industrial production.
The output of Germany’s factories, power stations and building sites surged by a seasonally adjusted rate of 2.8 percent during March, which exceeded the expectations of many economists who had forecast growth of around 1 percent.
Construction drove most of the increase. Construction activity rose by 30.7 percent in March after it dropped 16.9 percent in February because of unusually cold weather.
Among other key categories, manufacturing output rose 1.5%, while output in capital goods rose 2.0%, maintaining momentum after February’s 1.4% gain. This could be a positive sign for Germany’s economy, which depends heavily on the manufacture and export of heavy machinery.
Manufacturing orders grew by 2.2 percent, with most of that coming from orders outside the eurozone. Data showed that orders from nations outside the region jumped by 4.8 percent in March, while orders from inside the eurozone were stagnant.