Industrial production in Germany in February grew significantly higher than forecast

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.