German industrial production grows above forecasts-Report
2023.03.08 03:14
German industrial production grows above forecasts-Report
By Ray Johnson
Budrigannews.com – The federal statistical office reported on Wednesday that German industrial production increased by 3.5% in January, which was significantly higher than anticipated.
Analysts had predicted a month-over-month increase of 1.4 percent.
According to the statistics office, the positive development “was driven in particular by strong growth in the manufacturing of electronic equipment… and chemicals.”
In addition, the manufacturing of pharmaceutical products and automobile parts had demonstrated a significant downward trend.
In addition, the statistical office reported on Wednesday that German retail sales had unexpectedly decreased by 0.3% in real terms in January in comparison to the month before.
Price-adjusted terms were expected to rise by 2.0%, according to analysts.
