Free Trial

Industrial Production Signals More Robust Start to 2023

GERMAN DATA
MNI (London)

GERMANY JAN INDUSTRIAL PROD +3.5% M/M (FCST +1.4%); DEC -2.4%r M/M

GERMANY JAN INDUSTRIAL PROD -1.6% Y/Y (FCST -3.7%); DEC -3.3%r Y/Y

  • German industrial production jumped +3.5% m/m in January, outpacing forecasts of a softer +1.4% m/m rebound. Production remained -1.6% y/y below January 2022 levels.
  • Sector-wise, January industrial production was volatile. Strong growth in electronics and chemicals boosted the headline m/m print, whilst substantial contractions were recorded across auto and pharma industries.
  • Energy-intensive branches saw a marked +6.8% m/m expansion, assisted by falling energy prices and the introduction of price caps.
  • Looking forward, despite the German manufacturing PMI slowing in February, output edged up for the first time in nine months due to positive developments in supply chains, new orders and employment.
  • Furthermore, the IFO business survey outlooks improved in February as China’s recent reopening measures are seen as boosting exports.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.