German industrial output falls less than expected in March

[BERLIN] German industrial production fell by less than expected in March and trade proved resilient, data showed on Tuesday, supporting expectations for a robust performance of Europe's biggest economy in the first quarter.

Industrial output edged down by 0.4 per cent on the month, data from the Economy Ministry showed. This was better than the consensus forecast in a Reuters poll for a drop of 0.6 per cent.

The decline was driven by a 2.5 per cent fall in energy output. Manufacturing production was down 0.5 per cent while construction output rose 1.5 per cent.

The February reading was revised down to a rise of 1.8 per cent from a previously reported increase of 2.2 per cent. In January, industrial production rose by 1.3 per cent.

In the first quarter as a whole, industrial production rose 1.4 per cent on the quarter, the ministry said.

Separate data released from the Federal Statistics Office showed that seasonally adjusted exports rose by 0.4 per cent on the month. This came in better than the consensus forecast in a Reuters poll for a rise of 0.2 per cent.

Imports jumped by 2.4 per cent - much stronger than a predicted increase of 1.0 per cent.

The seasonally adjusted trade surplus narrowed to 19.6 billion euros (S$30.1 billion) from a revised 21.2 billion euros in February, below the Reuters consensus forecast of 20.9 billion euros.

REUTERS