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Industry bounces back slightly amid weak Q4

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Industry bounces back slightly amid weak Q4
Photo: DPA
14:25 CET+01:00
Industrial powerhouse Germany achieved a slight bounce in production in November after a weak October, official figures showed on Wednesday, but still seemed to have suffered a disappointing end to 2012.

Industrial output rose by 0.2 percent compared to output the previous month, statistics from the Economy Ministry showed.

This compared to a contraction of 2.0 percent in October, revised up from an initial estimate of minus 2.6 percent.

Taking the months of October to November together, which irons out volatility, industrial production was minus 2.5 percent compared with output in the two previous months.

However, despite the minor rebound, the November figures were worse than the +1.0 percent which analysts at Dow Jones Newswires had forecast.

"After a weak start to the final quarter of 2012, industrial production has stabilised. However the fourth quarter will likely remain behind the level of the third quarter," said the ministry in a statement.

"The trend in industrial orders and a slight improvement in confidence indicators point to a favourable outlook in the new year," added the statement.

Data released on Tuesday showed that industrial orders dipped in November, weighed down by a slump in demand from abroad. However, orders were up by 1.6 percent on a two-month basis.

And figures in December showed that business confidence in Germany, as measured by the closely watched Ifo institute's monthly survey, improved by more than expected.

Germany releases figures next week for overall gross domestic product in the fourth quarter, with most analysts predicting that the economy, Europe's largest, will have slid into reverse.

AFP/mry

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