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German exports jump along with industrial production


economy

German exports jump along with industrial production

Germany’s economy steamed ahead in the final three months of last year with exports jumping more than expected in November along with overall industrial production.

Adjusted for seasonal factors like the weather exports rose by 3.9 percent from October, their steepest monthly rise in four-and-half years. Year-on-year they were up by 5.6 percent.

“The weak euro helps German exporters,” Helaba analyst Stefan Muetze said.

Imports increased by 3.5 percent which was the strongest monthly rise since June 2014.

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Growth of Europe’s biggest economy was also driven by increased industrial production for the second consecutive month in November.

It edged up 0.4 percent compared with October, with construction the strongest performer, followed by manufacturing.

The October reading was revised up to a rise of 0.5 percent from a previously reported rise of 0.3 percent.

“Production in manufacturing and construction clearly picked up after the weak summer semester,” the Economy Ministry said.

“Both orders intake in manufacturing and construction orders as well as the sentiment indicators in these sectors are pointing to a solid output growth in the winter semester,” it added.

For 2016 as a whole, the government predicts higher private consumption and state spending to have propelled growth to 1.8 percent, which would be the strongest in five years.

The Federal Statistics Office will publish preliminary GDP growth data for 2016 on Thursday.

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