German industrial production rises more than forecasts in January

By Mucahithan Avcioglu

ISTANBUL (AA) - Germany's industrial production rose 2% from the prior month in January, more than expected, according to the country’s statistical authority on Monday.

The growth came after an upwardly revised monthly decline of 1.5% in December.

The market forecast was a 1.6% rise for January's figure.

The rise was mainly led by significant growth in the automotive industry, growing by 6.4% monthly in January, Destatis data showed.

"The increase in production observed in the food industry (+7.5%) and in machine maintenance and assembly (+15.6%) also has a positive impact on overall performance," it said.

Meanwhile, production in the manufacture of fabricated metal products decreased by 7.7% monthly in January.

Production in industry excluding energy and construction was up 2.6% monthly, while it decreased 1.7% annually in January.

On an annual basis, industrial output declined 1.6% in January.