German Factory Production, Exports Up in March in Good Sign




BERLIN (AP) — Factory production and exports increased strongly in Germany in March, according to official statistics released Friday, developments that bode well for the second quarter in Europe’s largest economy as it struggles to emerge from the coronavirus pandemic.

The Economy Ministry said industrial production rose 2.5% in March over February when adjusted for seasonal and calendar factors.

The increase followed drops of 1.9% in February and 2.2% in January. ING economist Carsten Brzeski noted that on the year, industrial production was up a strong 5.1%.

In a separate encouraging report, German exports were up 1.2% in March over February, and up 16.1% over March of last year, according to seasonally and calendar adjusted figures from the Federal Statistical Office.

“After weaker industrial data in the first months of the year on the back of a long Christmas break, harsh winter weather and the Chinese New Year, industry has finally gained momentum,” Brzeski said.

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