Data published by the Federal Statistical Office (Destatis) showed that industrial production increased by 1.0% in January, partially offsetting the December drop (-2.0%, revised from -1.6%) and recording the sharpest increase since February 2023. Economists had expected growth of 0.6%. In annual terms, industrial production fell by 5.5% in January, accelerating compared to December (-3.5%). Meanwhile, over the last three months (through January), industrial production decreased by 1.5% compared to the previous three-month period.
Destatis said that industrial production, excluding energy and construction, grew by 1.5% compared to December. The production of capital goods decreased by 2.1%. By contrast, the production of intermediate goods increased by 4.4% and that of consumer goods by 4.0%. Outside industry, a 3.7% decrease in energy production was observed in January. Production in construction rose by 2.7% month on month. Production in energy-intensive industries increased by 2.8% m/m and fell by 4.3% per annum. The three-month on three-month comparison showed that production in energy-intensive industries was 1.4% lower in the period from November 2023 to January 2024 than in the previous three months.