Germany January industrial production +2.7% vs +0.5% m/m expected

• Prior -0.3%
• Industrial production +1.8% y/y
• Prior -4.1%

That’s a solid beat in German industrial output to start the new year. Looking at the details, the production of consumer goods was up by 4.0% and capital goods by 1.2%. The production of intermediate goods increased by 0.3%. Outside of industry, energy production decreased by 0.1% in January on the previous month and production in construction rose by 10.1%.