German industry has regained is strong momentum as the latest data shows increases in industrial output, manufacturing orders, and exports that has raised independent expectations for the country’s growth this year, according to The Wall Street Journal. On Thursday, the German economics ministry reported that industrial production added 1.6% on a seasonally adjusted basis from the month before, more than tripling economists’ forecast and marking a 14.8% year-over-year increase. Carsten Brzeski of ING said the country “is well under way of recording another smashing growth performance,” and the Institute for Economic Research raised its forecast for economic growth during 2011 to 2.8% from 2% previously.
The report followed a Wednesday announcement from the economics ministry that manufacturing orders jumped 2.4% in February from the previous month, blowing away economists’ expectations for a 0.5% gain. The gain reflected a 2.6% increase in domestic orders and a 2.3% gain in foreign orders, and brought growth to an unadjusted 21.7% year-over-year. Separately, the Federal Statistics Office reported on Friday that exports rebounded in February after a small dip to open the year. German exports added 2.7% in February from the previous month to reach €84.7 billion, although import growth was slightly greater.
Click here to read the story on industrial output from The Wall Street Journal.
Click here for coverage of manufacturing orders from The Wall Street Journal.
Click here for the article on export growth from The Wall Street Journal.