Data published by the Federal Statistical Office (Destatis) showed that industrial production increased by 1.5% in November, offsetting the October drop (-0.4%, revised from -1%). Economists had expected a 0.5% increase. In annual terms, industrial production fell by 2.8% after a 4.2% decline in October. Meanwhile, over the last three months (through November), industrial production fell by 1.1% compared to the previous three-month period.
Destatis said that the numerous economic branches contributed to the positive development in industry in November. Energy production increased by 5.6% m/m, while production in the construction sector increased by 2.1% m/m. Growth was also recorded in the "manufacture of other transport equipment" sector (aircraft, ships, trains, military vehicles; +11.4% m/m).
The production of capital goods increased by 1.4%, the production of intermediate goods rose by 0.5%, and the production of consumer goods increased by 0.9%. Production in industry including energy and construction increased by 1.0% m/m, but fell by 3.2% per year. Production in energy-intensive industries increased by 1.5% compared to October and fell by 0.4% per year. Meanwhile, over the last three months (through November), production in energy-intensive industrial branches was 4.1% lower than in the previous three-month period.
A separate report from Destatis showed that on a calendar and seasonally adjusted basis, German exports rose in November by 2.1% compared to October and fell by 3.5% per year, to 127.3 billion euros, while imports decreased by 3.3% on a monthly basis and by 2.9% per year, to 107.6 billion euros. As a result of such changes, the trade surplus rose to 19.7 billion euros (the highest value since August) from 13.4 billion euros in October. Economists had expected the surplus to rise to 14.8 billion euros.