Germany monthly production, industry orders rise again in August

07 October 2010 14:40  [Source: ICIS news]

TORONTO (ICIS)--Germany’s production rose by a higher-than-expected 1.7% in August from July, in a sign that the recovery in Europe’s largest economy will continue, but at a slower pace than in the second quarter, according to the latest data from the country’s economics ministry on Thursday.

Economists polled by a news organisation had forecast a 0.5% increase in August from July.

The August increase came after production rose only 0.1% in July from June.

The ministry said the improvement in August was largely driven by higher industrial output while output in building and construction fell slightly.

On a two-month sequential comparison – July/August vis-à-vis May/June – production rose 0.7%.

Compared with July/August 2009, production was up 10.8% year over year. Industrial production rose 12.5% while building and construction was up 3.4% from the year-earlier period.

In a related data release, the ministry said that German industrial orders rose 3.4% in August from July, after a revised 1.6% decline in July from June.

On a two-month sequential comparison – July/August vis-à-vis May/June – industrial orders were up 2.0%.

Compared with July/August 2009, industrial orders were up 19.4%, driven largely by export orders.

Germany’s economy is forecast to grow by up to 3.4% this year, according to the latest projections.

In the German chemical industry, production is expected to rise 11% for the full 12 months of 2010, after a 10% decline in 2009 from 2008.

However, regional chemical trade groups warned that the rate of growth in chemical production would slow in the second of 2010, compared with the sharp year-over-year increase recorded in the first half of the year.

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