German recovery gains momentum as industrial output risesThursday 09 January 2014 12.53
Recovery of the German economy, Europe's biggest, appears to be regaining momentum as industrial production rose more than expected in November, official data showed today.
Industrial output rose by 1.9% in November, offsetting a 1.2% drop seen in October, the economy ministry calculated in preliminary data. Analysts had been expecting an increase of about 1.5% for November.
While economic activity was down by 3.3% and 1.7% respectively in the energy and construction sectors, manufacturing output jumped by 3.1%, the ministry said.
But after taking October and November together to iron out short-term fluctuations, industrial output contracted by 0.7% compared with the preceding two months, the ministry calculated.
Analysts said that looking ahead, the acceleration of the German economy should continue. They said that this week's data do not only point to a strong end-year finish of the German economy but also bode well for growth in 2014.
Earlier, German factory orders data had come in better than expected.