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Business

German Industrial Output Jumps in June

German industrial production rose by 1.4 percent in June, far exceeding estimates by analysts, owing to strength in the construction sector, adjusted data from the economy ministry showed on Friday. Analysts contacted by AFX, the financial news subsidiary of AFP, had expected growth of 0.3 percent. Economists interpreted the latest figures as further evidence of a firm undercurrent in the eurozone's biggest economy. Industrial output had fallen by 0.4 percent in May and the economy ministry said that the surge in June reflected mainly activity in the building sector. The data was published coincidentally at the same time as data from the Organisation for Economic Cooperation and Development in Paris suggesting that leading indicators regarding likely future activity were turning upwards in the eurozone, notably due to rising indicators in Germany. The German industrial data indicated that figures for the construction sector had risen by 4.7 percent in June, partly because the sector had caught up for time lost because of unfavorable weather in the winter and part of the spring. Output in May had declined by 1.9 percent. Production of durable goods had risen by 3.5 percent. In May and June together, industrial output had risen by 0.9 percent from the figure for March and April. Economists said that the rise in June was an encouraging sign following several positive indicators. Data on industrial orders in June, published on Thursday, showed a monthly increase of 2.4 percent after a rise of 2.3 percent in May. Data on Wednesday had shown that sales of cars had risen by 2.0 percent in July. This was seen as a good sign for consumption, a weak point in the German economy.

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