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Industrial production in Germany in February grew significantly higher than forecast


April, 06 2023
watermark Economic news

According to the German Federal Statistical Office Destatis, industrial production in February increased by 2% compared to the previous month. Economists had expected an increase of only 0.1%.


According to the revised data, industrial production increased by 3.7% in February, and not by 3.5%, as previously announced.


Destatis notes that the production of cars and spare parts for them, which is the largest of the industrial sectors in Germany, increased last month by 7.6%. Production in the processing industry increased by 2.4%, construction volumes – by 1.5%. Meanwhile, electricity generation decreased by 1.1%.


The output of means of production increased by 3.4%, intermediate goods – by 1.8%, consumer goods – by 1.4%.


On a monthly basis, the volume of industrial production in Germany in February increased by 0.6% compared to the same month last year.


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