German Industrial Output Beats Forecasts in April
German industrial production growth beat forecasts in April as manufacturing output rose for the fourth straight month, underpinning expectations of robust economic growth in the second quarter.
Industrial output in Europe's largest economy increased by 0.8% from March, adjusted for seasonal swings and calendar effects, the economics ministry said Thursday. Economists polled by The Wall Street Journal had forecast a 0.5% rise.
Industrial output was up 2.9% from April last year, in calendar-adjusted terms.
"Solid developments in industrial orders and turnover, as well as excellent business sentiment are pointing to a continuation of the upswing in manufacturing and the construction sector," the ministry said.
German business sentiment hit a record high in May, according to Germany's Ifo institute, which described the mood among companies as "euphoric."
Economists at Deutsche Bank lifted their forecast for German manufacturing output growth in 2017 to 1.5% from 0.5% in real terms, earlier this week.
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(END) Dow Jones Newswires
June 08, 2017 02:24 ET (06:24 GMT)