Germany manufacturing rebounds in January – survey

01 February 2012 15:36  [Source: ICIS news]

LONDON (ICIS)--Germany’s manufacturing sector rebounded in January, with production levels rising for the first time in four months, a research firm said on Wednesday.

London-based Markit said its monthly purchasing managers’ index for Europe’s largest economy was 51.0 in January, up from 48.4 in December. The index is based on a survey of 500 companies in the German manufacturing sector.

“January saw a reversal of the recent downturn in German manufacturing production, and the rate of output expansion was the highest since the middle of last year,” said Tim Moore, senior economist at Markit.

“This in turn supported a solid rise in manufacturing employment numbers, suggesting renewed confidence about the longer-term business outlook,” Moore said.

However, on the downside, Moore said that “subdued export demand” remained a drag on Germany’s manufacturing sector.

Germany’s government last month lowered its official 2012 GDP growth forecast for the country to 0.7%, from previously 1.0%.

In the chemical industry, producers expect a 1.0% year-on-year increase in chemical production in 2012 - down from the 4.0% year-on-year growth they achieved in 2011.

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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