Mon, Apr 7 2008, 10:01 GMT
http://www.djnewswires.com/eu
By Niels C. Sorrells
Of DOW JONES NEWSWIRES
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German Industrial Production ! !
Feb Jan ! !
Change On Mo (adj) +0.4% +1.4%r ! Consensus: -0.4% MM !
Change On Yr (adj) +6.1% +6.5%r ! Actual: +0.4% MM !
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BERLIN (Dow Jones)--German industrial production rose 0.4% on the month in February on a seasonally adjusted basis, defying economists' expectations of a 0.4% drop, data from the Federal Economics Ministry showed Monday.
Economists had said industrial production would fall in February as a natural correction after several months of increases.
But the ministry said the upward trend was fueled by the construction industry, which benefited from a warm winter. "The upward trend in the producing sector is continuing," the ministry said. "The economically important industrial production sector is contributing to that."
Nonetheless, the ministry also noted that manufacturing orders have dropped off in recent months - Friday, the ministry reported a 0.5% decline on the month in February. That fall, combined with the fact that the boost to construction from the warmer winter weather might mean less work this spring, could slow growth in the future.
"The upward trend in the producing sector might be less strong in the coming months," the ministry said.
Industrial production rose a workday-adjusted 6.1% on the year in February, the ministry said.
A survey of 20 economists had forecast an increase of 5.4% on the year.
The ministry revised its industrial production figure for January down to a rise of 1.4% on the month from 1.8%. It also revised down January's annual increase to 6.5% from 6.9%.
On an unadjusted basis, industrial production rose 10.1% on the year in February after a downwardly revised rise of 6.6% in January.
Manufacturing output rose a seasonally adjusted 0.3% on the month in February, compared with a downwardly revised rise of 1.0% in January.
Intermediate goods production, which is part of manufacturing, rose 1.6% on the month, compared with a downwardly revised 1.6% decline in January. Capital goods production fell 0.2% in February, compared with a downwardly revised increase of 4.4% the previous month.
Energy output was down 1.1% on the month in February after an upwardly revised 0.9% decrease in January, while industrial construction output rose 3.7% compared with a downwardly revised 11.4% increase in January, data from the ministry showed.
Average industrial production for the January-February period was 2.4% higher than in November-December. Construction output had the biggest impact on that figure, with a rise of 14.7%.
The following table compares preliminary seasonally adjusted German industrial output data for February and January.
Index values are based on 2000=100.
February January Change
Manufacturing 126.5 126.1 +0.3%
Intermediate goods 129.5 127.4 +1.6%
Capital goods 137.2 137.5 -0.2%
Consumer/durable goods 104.1 105.7 -1.5%
Energy 97.6 98.7 -1.1%
Construction 95.5 92.1 +3.7%
Total output 121.5 121.0 +0.4%
The following table includes preliminary unadjusted February industrial output data for Germany and percentage changes from February 2007.
Index values are based on 2000=100.
February Change on year
Manufacturing 124.1 +10.6%
Producer goods 127.6 +10.4%
Capital goods 134.4 +13.9%
Consumer/durable goods 101.6 +4.6%
Energy 101.6 +2.9%
Construction 67.1 +13.5%
Total output 117.7 +10.1%
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