German industrial output growth surpassed forecasts in August, showing the highest rise per month in over six years, as Monday figures revealed, which is another indicator of steady growth of EU’s powerhouse in the third quarter.
Production jumped 2.6% in the last month of summer, which came after a dip of 0.1% in July, as Economy Ministry reports demonstrate. This becomes the best reading for a monthly rise since July 2011 and is far over the anticipations of analysts in a Reuters poll giving a 0.7% growth.
Commerzbank’s Ralph Solveen agreed that these data is very positive. He also mentioned occasions like plant days off that happened in the previous month in some territories, saying that production might be a bit lower next month. In general, steady GDP rise is expected in the third quarter, and it’s forecasted at the level of 0.6%, Solveen added.
Manufacturing production gained 3.2% in August, the highest rate since March 2010, as producers released bigger numbers of all kinds of goods, including intermediate, capital and consumer ones. As for energy, its output also showed upping, whereas building sector slipped.