FRANKFURT (AFP) – German industrial production rose for the first time in nearly a year in January, official data showed yesterday, fuelling hopes that a manufacturing slowdown in Europe’s biggest economy was bottoming out.
Output climbed by one per cent month-on-month, federal statistics agency Destatis said, after a revised two-per-cent drop in December.
Analysts surveyed by FactSet were expecting a smaller rebound of 0.7 per cent.
“Industrial production is starting 2024 with the first noticeable increase since February 2023,” the German economy ministry said in a statement.
Production in the chemical, food and machine assembly sectors rose sharply in January, Destatis said, while auto manufacturing declined.
High inflation, costly energy and weaker demand from key market China have all weighed heavily on Germany’s key manufacturing sector in recent months.
