Germany’s industrial output, exports pick up in April
The data showed that manufacturing output climbed 0.7% while production of investment goods rose 1.5% in April from a month earlier. Energy output increased 1.4% and construction output was up 1.3% in April. Consumer goods production, however, fell 0.9%.
Meanwhile, according to a separate report released by the Federal Statistics Office, Destatis, Germany’s exports also rose by a larger than expected amount in April, posting an increase of 1.9% month over month on a seasonally adjusted basis. Analysts’ initial estimates called for a gain of 0.1% in a survey by Reuters. However, imports fell 1.3%, falling below economists’ forecasts which called for an increase of 0.5%. The country’s trade surplus reached €22.3 billion, accordingly.
In line with the recent stronger figures in the German economy, the Bundesbank increased its growth forecast for the German economy on June 5. According to the bank, the country’s economy will expand 1.7% this year and 1.8% in 2016 compared with its December growth estimates of 1% and 1.6%, respectively.
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