The German industrial production grew 0.7% monthly in April, improving notably after the 3.7% drop seen in March (revised figure from -3.9%). This is the best result obtained by the indicator in three months, although it has not reached market expectations, which expected an increase of 1%.
Year-on-year, German industrial production falls for the second consecutive month. In April it stands at -2.2% compared to -3.1% in the previous month.
As published by Destatis, the German Federal Statistical Office, industrial production (manufacturing industry excluding energy and construction) increased by 0.3% seasonally adjusted compared to March 2022. Within industry, the production of capital goods increased by 0.9% and the production of intermediate goods 0.4%. The production of consumer goods decreased by 1.3%. Non-industrial power production in April 2022 was 16.1% higher than the previous month, after a revised decline of almost 11% in March 2022. The reason for these strong exchange rates is fluctuations in generation of energy from wind power. Construction output in April 2022 was 2.1% lower than the previous month.
EUR/USD reaction
EUR/USD has barely budged after the release, hovering since the European open in a tight range between 1.0680 and 1.0695. At time of writing, the pair is trading above 1.0689, shedding 0.11% on the day.
Source: Fx Street
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