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By Reuters Staff
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BERLIN, March 8 (Reuters) - German industrial output fell unexpectedly in January following a strong upward revision in the previous month, data showed on Monday, suggesting that the manufacturing sector in Europe’s largest economy got off to a weak start this year.
Output in the industrial sector, including construction and energy, was down 2.5% on the month, data released by the Federal Statistics Office showed. A Reuters poll had forecast an increase of 0.2%.
The December figure was revised up to 1.9% from a previously reported unchanged reading. (Reporting by Michael Nienaber Editing by Caroline Copley)
By Reuters Staff
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BERLIN, March 8 (Reuters) - German industrial output fell unexpectedly in January as winter weather slowed construction and semiconductor shortages held back production in the car industry, suggesting that Europe’s largest economy got off to a weak start this year.
Data from the Federal Statistics Office showed on Monday that output in the industrial sector, including manufacturing, construction and energy, was down 2.5% on the month. A Reuters poll had forecast an increase of 0.2%.
The December figure was revised up to 1.9% from a previously reported unchanged reading.
The drop in January, which ended an unusually long series of eight consecutive months of increases, was driven by a plunge of more than 12% in construction. Manufacturing output fell by only 0.5%, the ministry said.
Machinery manufacturers recorded a noticeable increase in output, it added. "The further outlook for the industrial sector remains neutral for the time being," the ministry said, adding that strong foreign demand was offset by weak domestic demand caused by measures to contain the COVID-19 pandemic.
March 8, 2021 - Written by John Cameron
The Pound to Euro (GBP/EUR) exchange rate edged higher this morning as business confidence rose across the UK in data released from February.
At the time of writing GBP/EUR are currently trading at around 1.1641, the exchange rate is further gaining following comments from Bank of England (BoE) Governor Andrew Bailey.
Pound (GBP) Exchange Rate Supported by 12-Month High Business Confidence from the UK
The Pound was supported this morning from renewed optimism in business confidence in the UK’s services sector.
Data released from accountancy and business advisory firm BDO LLP showed that the BDO’s Service Optimism report jumped to 94.13 in February.