German industrial production slows but beats forecasts
By Sean Farrell
Date: Friday 08 Jan 2021
(Sharecast News) - German industrial production slowed but beat expectations in November as manufacturing of consumer goods fell, official figures showed.
Industrial output rose 0.9% from the previous month, Destatis said, exceeding a consensus forecast of 0.7% and marking the seventh straight month of growth. The figures showed a sharp slowdown from October when production rose a revised 3.4% month on month.
Production in November was 2.6% less than a year earlier and 3.9% below the level in February 2020 - the month before Covid-19 restrictions were imposed.
Production excluding energy and construction rose 1.2% in November led by a 2.4% increase for intermediate goods. Capital goods rose 1.3% and consumer goods dropped 1.7%. Energy production fell 3.9% and construction rose 1.4%.
Despite the slowdown the numbers provide further evidence that Europe's biggest manufacturing sector rode out the early stages of the Covid-19 resurgence better than expected. Factory orders posted an unexpected jump in November, fuelled by sales of intermediate goods to other eurozone countries, Destatis said on Thursday.
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