German Industrial Production & New Orders Fall

(RTTNews) - Germany's industrial production and factory new orders declined in January, official data revealed Monday.

Industrial production posted an unexpected monthly fall of 0.5 percent in January, following a 1.0 percent decrease in December, Destatis reported. Output was expected to climb 1.0 percent.

At the same time, factory orders plunged 11.1 percent in January, reversing last month's 6.4 percent growth. Economists had forecast a moderate decline of 4.2 percent.

Excluding energy and construction, industrial production fell 2.5 percent in January compared to December.

Year-on-year, industrial production was down 1.2 percent following a 0.4 percent rise in December. At the same time, annual growth in orders eased to 3.7 percent from 11.7 percent.

Further, data showed that manufacturing turnover grew 1.5 percent on a monthly basis in January after falling 0.4 percent in December.