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| November (Photo credit: kurafire) |
Berlin, Jan.9, stock investing .- Industrial output in Europe's largest economy grew slightly on the month in November but fell short of expectations, further weighing on fourth-quarter growth prospects, data from the country's economics ministry showed Wednesday.
The 0.2% monthly rise in adjusted terms in November was below expectations of a 1.0% rise for output in a survey of economists published last week by Dow Jones Newswires. October data were revised to show the month wasn’t as severe for industrial firms as previously thought, with output having fallen only by 2.0% instead of the 2.6% dip first reported.
The ministry said industrial output in the fourth quarter was “likely” below the level of the third quarter.
The industrial data follow other indicators of weakness in the German economy. Earlier in the week, data showed that exports dropped in November at their fastest pace in over a year and manufacturing orders, which aren’t immediately reflected in output data, were down 1.8% on the month in November.
While many forecasters, including Germany’s Bundesbank, expect the German economy to have lost some ground in the fourth quarter, forward-looking survey indicators, such as the Ifo Index and the ZEW point to a quick recovery.
“The development of the new orders and the slight improvement of sentiment indicators suggest a somewhat more favorable outlook for production in the new year,” wrote the ministry.
November’s data broken down by category showed monthly increases in manufacturing of 0.4% and in construction of 1.0%. On the flip side, energy output recorded a 3.3% drop while durable goods fell 2.6%. ...
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